British energy giant Shell and Norway’s Equinor have officially launched Adura, an incorporated joint venture (IJV) that will manage the two energy heavyweights’ offshore oil and gas operations on the UK Continental Shelf (UKCS) in the North Sea.
Adura combines “A” for Aberdeen and “dura” for durability, symbolizing resilience and long-term presence in the basin.
The 50:50 joint venture is said to be the UK North Sea’s largest independent producer and is designed to deliver a more cost-competitive portfolio and maximize long-term value for the duo’s UK assets.
The two companies announced the appointment of Neil McCulloch as chief executive and Nicoletta Giadrossi as chair of their UK incorporated joint venture.
“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,” McCulloch said.
The JV—headquartered in Aberdeen—also holds multiple exploration licenses and combines both companies’ decades of expertise.
Staff from both companies have transferred to Adura, ensuring the retention of expertise by employing approximately 1,200 people.
Adura will assume 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.
“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,” said Rich Howe, Shell’s executive VP for Conventional Oil & Gas.
Adura is expected to produce over 140,000 boe/d in 2026, with Wood Mackenzie saying it could yield more oil and gas from the North Sea than any other producer next year.
Projects excluded from the joint venture
Equinor will retain ownership of its cross-border assets including Utgard, Barnacle, and Statfjord, as well as its offshore wind portfolio, including Sheringham Shoal, Dudgeon, Hywind Scotland, and Dogger Bank.
The Norwegian firm will also keep its hydrogen, carbon capture and storage (CCS), power generation, battery storage, and gas storage assets.
Similarly, Shell will maintain the ownership of its interests and projects that are part of the UK SEGAL system, encompassing;
- Fife NGL Plant
- St Fergus Gas Terminal
- Braefoot Bay facility
- Bacton onshore gas terminal and multiple assets in the Southern North Sea.
Its interest in the Howe asset and several that are post cessation of production will remain.
“Adura represents a new chapter in the UK North Sea, bringing together two strong portfolios and decades of experience,” said Philippe Mathieu, Equinor’s executive VP (Exploration & Production International).
“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.”