Dec 1, 2025
Shell and Equinor revive the UK North Sea's 'largest' independent oil and gas producer.
Adura, a newly formed incorporated joint venture (IJV) between the UK's Shell and Norway's Equinor, merges the offshore oil and gas operations of both companies on the UK Continental Shelf (UKCS).
After announcing plans to establish Adura in December 2024, Equinor and Shell appointed Neil McCulloch as CEO and Nicoletta Giadrossi as Chair for their new UK joint venture.
The newly formed Adura has launched, claiming to be the largest independent producer in the UK North Sea. This joint venture aims to leverage decades of North Sea experience to create a more cost-effective portfolio and enhance the long-term value of their combined UK assets.
McCulloch remarked, “Being part of a company’s inception is a rare opportunity. Our foundation is built on a commitment to safety, a vision for the North Sea's future, and the combined expertise of Equinor and Shell. I look forward to collaborating with this outstanding team.”
Adura incorporates Equinor and Shell's stakes in 12 active oil and gas assets and ongoing projects, which include Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair, and Schiehallion.
Located in Aberdeen, the joint venture also possesses various exploration licenses. Approximately 1,200 employees from both companies have transitioned to Adura, preserving essential expertise.
Rich Howe, Shell’s Executive Vice President for Conventional Oil & Gas, stated: “Creating the largest independent producer with Equinor marks a significant moment for our business and the UK energy sector. With a strong asset foundation and industry expertise, Adura is optimally positioned for leadership in this mature basin.”
Adura is projected to achieve production exceeding 140,000 barrels of oil equivalent daily in 2026. According to Wood Mackenzie, this joint venture is anticipated to produce more oil and gas in the UK North Sea than any other contributor by that year.
Equinor will maintain ownership of its cross-border assets — Utgard, Barnacle, and Statfjord — as well as its offshore wind portfolio, which includes Sheringham Shoal, Dudgeon, Hywind Scotland, and Dogger Bank. The company will also retain its investments in hydrogen, carbon capture and storage (CCS), power generation, battery storage, and gas storage.
Conversely, Shell will keep its interests in the UK SEGAL system, which comprises the Fife NGL Plant, St Fergus Gas Terminal, and the Braefoot Bay facility, in addition to the Bacton onshore gas terminal and several assets in the Southern North Sea. The company will also hold onto its stake in the Howe asset and others that are no longer in production.
Philippe Mathieu, Equinor’s Executive Vice President for Exploration and Production International, stated: “Adura signifies a new era in the UK North Sea, merging two strong portfolios along with decades of experience.
“With the required focus, scale, and operational agility, the company is poised for lasting impact. We believe that Adura will create sustained value and strengthen the UK North Sea's contribution to the nation’s energy requirements.”
After announcing plans to establish Adura in December 2024, Equinor and Shell appointed Neil McCulloch as CEO and Nicoletta Giadrossi as Chair for their new UK joint venture.
The newly formed Adura has launched, claiming to be the largest independent producer in the UK North Sea. This joint venture aims to leverage decades of North Sea experience to create a more cost-effective portfolio and enhance the long-term value of their combined UK assets.
McCulloch remarked, “Being part of a company’s inception is a rare opportunity. Our foundation is built on a commitment to safety, a vision for the North Sea's future, and the combined expertise of Equinor and Shell. I look forward to collaborating with this outstanding team.”
Adura incorporates Equinor and Shell's stakes in 12 active oil and gas assets and ongoing projects, which include Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair, and Schiehallion.
Located in Aberdeen, the joint venture also possesses various exploration licenses. Approximately 1,200 employees from both companies have transitioned to Adura, preserving essential expertise.
Rich Howe, Shell’s Executive Vice President for Conventional Oil & Gas, stated: “Creating the largest independent producer with Equinor marks a significant moment for our business and the UK energy sector. With a strong asset foundation and industry expertise, Adura is optimally positioned for leadership in this mature basin.”
Adura is projected to achieve production exceeding 140,000 barrels of oil equivalent daily in 2026. According to Wood Mackenzie, this joint venture is anticipated to produce more oil and gas in the UK North Sea than any other contributor by that year.
Equinor will maintain ownership of its cross-border assets — Utgard, Barnacle, and Statfjord — as well as its offshore wind portfolio, which includes Sheringham Shoal, Dudgeon, Hywind Scotland, and Dogger Bank. The company will also retain its investments in hydrogen, carbon capture and storage (CCS), power generation, battery storage, and gas storage.
Conversely, Shell will keep its interests in the UK SEGAL system, which comprises the Fife NGL Plant, St Fergus Gas Terminal, and the Braefoot Bay facility, in addition to the Bacton onshore gas terminal and several assets in the Southern North Sea. The company will also hold onto its stake in the Howe asset and others that are no longer in production.
Philippe Mathieu, Equinor’s Executive Vice President for Exploration and Production International, stated: “Adura signifies a new era in the UK North Sea, merging two strong portfolios along with decades of experience.
“With the required focus, scale, and operational agility, the company is poised for lasting impact. We believe that Adura will create sustained value and strengthen the UK North Sea's contribution to the nation’s energy requirements.”