Equinor and Shell launch UK North Sea oil and gas joint venture Adura

EQNR +0.65% SHEL +1.36% NG=F -0.41% CL=F +1.61%

Equinor and Shell have launched a new company, Adura, combining their UK offshore oil and gas operations.

The company will operate as an independent oil and gas producer in the UK North Sea.

Adura, jointly owned by Shell and Equinor, with each holding a 50% stake, is based at the Silver Fin building in Aberdeen, Scotland.

The new joint venture (JV) will focus on sustaining domestic oil and gas production and supporting energy supply security in the UK and beyond.

It takes on Equinor and Shell’s interests in 12 producing oil and gas assets and ongoing projects, along with several exploration licences.

The projects are Buzzard, Clair, Gannet, Jackdaw, Mariner, Nelson, Penguins, Pierce, Rosebank, Schiehallion, Shearwater and Victory.

Equinor International exploration and production executive vice-president Philippe Mathieu said: “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.”

Adura currently employs around 1,200 people and is expected to produce more than 140,000 barrels of oil equivalent per day in 2026.

According to Wood Mackenzie, Adura is projected to produce more oil and gas from the UK North Sea than any other producer in 2026.

Equinor will retain ownership of cross-border assets such as Utgard, Barnacle and Statfjord, as well as its offshore wind portfolio, including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank.

The Norwegian company will also keep its hydrogen, carbon capture and storage, power generation, and battery and gas storage assets.

Shell will retain assets in the UK SEGAL system, including the Fife NGL Plant, St Fergus Gas Terminal and Braefoot Bay facility, as well as the Bacton onshore gas terminal and several assets in the southern North Sea.

The British oil and gas company also retains its interest in the Howe asset and several assets that are post-cessation of production.

Shell conventional oil and gas executive vice-president Rich Howe said: “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.”

In September this year, Equinor and Shell appointed Neil McCulloch as CEO and Nicoletta Giadrossi as chair of the new Adura JV.

McCulloch brings more than 30 years of leadership experience in the energy sector, while Giadrossi is an experienced chair and non-executive director in listed and private companies in energy and infrastructure.

Giadrossi has led four boards and currently chairs MSX International, a global company providing technical services to the mobility sector.

Nicoletta is also a board member in Vopak NV, the global storage infrastructure company, and in Renew Global, a renewables producer in India.

McCulloch said: “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.”

"Equinor and Shell launch UK North Sea oil and gas joint venture Adura " was originally created and published by Offshore Technology, a GlobalData owned brand.

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