Adura, an incorporated joint venture (IJV) between the UK’s Shell and Norway’s Equinor, has been born, combining the two energy heavyweights’ offshore oil and gas operations on the UK Continental Shelf (UKCS).
Following the announcement about plans to give birth to Adura in December 2024, after Equinor and Shell decided to merge their UK offshore oil and gas assets into a new incorporated joint venture, the two companies disclosed the appointment of Neil McCulloch as Chief Executive Officer and Nicoletta Giadrossi as Chair of their UK incorporated joint venture.
The duo has completed the formation of Adura, which has now been launched to represent what is said to be the UK North Sea’s largest independent producer. This JV is perceived to combine decades of North Sea expertise into a joint venture that is positioned to deliver a more cost-competitive portfolio and maximize long-term value for the duo’s UK assets.
McCulloch highlighted: “It’s a rare privilege to be part of a company’s first chapter. A commitment to safety, a belief in the future of the North Sea, and the combined expertise from Equinor and Shell form the foundation of our exciting new company. I can’t wait to begin working with this exceptional team.”
Adura assumes Equinor and Shell’s interests in 12 producing oil and gas assets and projects in execution, including: Mariner , Rosebank , Buzzard , Shearwater , Penguins , Gannet , Nelson , Pierce , Jackdaw , Victory , Clair , and Schiehallion .
The JV, headquartered in Aberdeen, also holds multiple exploration licenses. Staff from both companies have transferred to Adura, ensuring the retention of expertise by employing approximately 1,200 people.
Rich Howe , Shell’s Executive Vice President for Conventional Oil & Gas, commented: “Forming the largest independent producer together with Equinor is an historic moment for our business and the UK energy industry. With an exceptional asset base and industry leading expertise, Adura is well-positioned to lead in this mature basin.”
Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2026. Based on the data produced by Wood Mackenzie, this JV is expected to yield more oil and gas from the UK North Sea than any other producer in 2026.
Equinor will retain ownership of its cross-border assets – Utgard , Barnacle , and Statfjord – and offshore wind portfolio, including Sheringham Shoal , Dudgeon , Hywind Scotland , and Dogger Bank . In addition, the firm will keep its hydrogen, carbon capture and storage (CCS), power generation, battery storage, and gas storage assets.
On the other hand, Shell will maintain the ownership of its interests and projects that are part of the UK SEGAL system, encompassing the Fife NGL Plant , St Fergus Gas Terminal , and the Braefoot Bay facility, alongside the Bacton onshore gas terminal and multiple assets in the Southern North Sea. Additionally, the company retains its interest in the Howe asset and several that are post cessation of production.
Philippe Mathieu , Equinor’s Executive Vice President for Exploration and Production International, remarked: “Adura represents a new chapter in the UK North Sea, bringing together two strong portfolios and decades of experience.
“With the focus, scale and operational flexibility needed to succeed, the company is positioned for long-term impact. As owners, we are confident that Adura will generate long-term value and reinforce the UK North Sea’s role in meeting the country’s energy needs.”