Equinor, Shell complete formation of Adura

Equinor and Shell have completed a deal to combine their UK offshore oil and gas operations to form a new company. Adura, which launched today, will be the UK North Sea’s largest independent producer.

Adura, jointly owned by Shell (50%) and Equinor (50%), combines decades of North Sea experience into a joint venture that is positioned to deliver a more cost-competitive portfolio and maximize long-term value for UK assets.

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. It also holds a number of exploration licenses. The company is headquartered in Aberdeen. Staff from both Shell and Equinor have transferred into Adura, ensuring that industry-leading expertise is retained.

Adura CEO Neil McCulloch, who brings more than 30 years’ experience in the energy sector, said: “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.”