Shell UK Limited, a subsidiary of Shell and Equinor UK Limited, a subsidiary of Equinor ASA have completed a deal to combine their UK offshore oil and gas operations to form a new company. Adura, which launched on 1 December, will be the largest independent producer in the UK North Sea.
Adura, jointly owned by Shell (fifty per cent) and Equinor (fifty per cent), combines decades of North Sea expertise into a joint venture that is positioned to deliver a more cost-competitive portfolio and maximise long-term value for UK assets.
‘Forming the largest independent producer together with Equinor is an historic moment for our business and the UK energy industry,’ states Shell’s Executive Vice President for Conventional Oil & Gas, Rich Howe. ‘With an exceptional asset base and industry leading expertise, Adura is well-positioned to lead in this mature basin.’
Equinor’s Executive Vice President for Exploration and Production International, Philippe Mathieu, adds: ‘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.’
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Twelve assets and projects
Adura assumes Equinor and Shell’s interests in twelve 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 employs approximately 1200 people and 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.
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Not all assets included
Not all of the two companies’ assets will transfer to Adura. 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 UK Limited 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.
Picture: North Sea offshore platform off the coast of Aberdeen, Scotland (photo by Visual Content team, Shell International Limited).
