Shell and Equinor have completed a major deal to combine their UK offshore oil and gas operations, creating a new Aberdeen-headquartered company that will immediately become the largest independent producer in the UK North Sea.
Adura – jointly owned 50/50 by the two energy giants – brings together decades of North Sea expertise into a single business positioned to deliver what the partners describe as a more cost-competitive portfolio and greater long-term value for UK assets.
Neil McCulloch, who becomes Adura’s first CEO, 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 has 1,200 staff and operates 12 North Sea assets
Launching with around 1,200 staff transferred over from Shell and Equinor, Adura takes on the companies’ interests in 12 producing assets and major projects including Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion.
The business is expected to produce more than 140,000 barrels of oil equivalent per day next year, and Wood Mackenzie forecasts it will be the UK’s largest North Sea producer in 2026.
Rich Howe, Shell’s EVP for Conventional Oil & Gas, 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.”
Philippe Mathieu, Equinor’s EVP for Exploration and Production International, added: “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.”
Equinor will retain ownership of its cross-border assets and offshore wind portfolio, while Shell will continue to own assets in the UK SEGAL system, Bacton Gas Terminal, the Southern North Sea and other post-cessation fields.