Fossil Energy – New Company
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 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.”
Adura, jointly owned by Shell (50%) and Equinor (50%), combines decades of North Sea expertise into a joint venture that is positioned to deliver a more cost-competitive portfolio and maximize long-term value for UK assets.
Shell’s executive vice president for Conventional Oil & Gas, 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.”
Equinor’s executive vice president for Exploration and Production International, 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 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.
