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Shell PLC and Equinor ASA on Monday said they have completed the formation of Adura, a new joint venture that will become the UK’s largest independent North Sea producer. Adura, owned 50% by London-based Shell and 50% by Stavanger, Norway-based Equinor, combines both companies’ UK offshore oil and gas operations and will headquartered in Aberdeen, Scotland. Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2026. According to data produced by Wood Mackenzie, Adura is expected to produce more oil and gas from the UK North Sea than any other producer in 2026, the partners said in a statement. Adura assumes Equinor and Shell’s interests in 12 producing oil and gas assets and projects including: Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion. It also holds a number of exploration licenses. 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. It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets. Shell will retain ownership of its interests and projects that are part of the UK Segal system, namely Fife NGL Plant, St Fergus Gas Terminal and the Braefoot Bay facility, and in the Bacton onshore gas terminal and multiple assets in the Southern North Sea. It also retains its interest in the Howe asset as well as a number of assets that are post cessation of production. Neil McCulloch, who has more than 30 years’ industry experience, is appointed chief executive of Adura. The joint venture between Shell and Equinor was announced in December 2024. Shares in Shell were up 0.5% at 2,796.95 pence each in London on Monday morning. Equinor was down 0.6% at €19.88 in Frankfurt. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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