New joint venture (JV) company, Adura, launched today, making it the UK North Sea's largest independent producer, according to a press release. The launch comes a year after the companies, Shell subsidiary Shell UK Ltd. and Equinor, first announced their intention to establish the 50/50 JV to "sustain domestic oil and gas production and security of energy supply in the UK," both companies announced.
The Aberdeen-based JV aims to create a more cost-efficient portfolio and increase the long-term value of UK assets.
Adura assumes Equinor and Shell’s interests in 12 producing oil and gas assets and projects currently in execution, including Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair, and Schiehallion. It also holds a number of exploration licenses.
Equinor will keep its cross-border fields (Utgard, Barnacle, and Statfjord), its offshore wind projects (Sheringham Shoal, Dudgeon, Hywind Scotland, and Dogger Bank), and its hydrogen, carbon capture and storage, power generation, battery storage, and gas storage assets.
Shell will keep its interests in the UK SEGAL system, including the Fife NGL Plant, St Fergus Gas Terminal, and Braefoot Bay facility, along with the Bacton gas terminal and several Southern North Sea assets. It will also retain its stake in the Howe asset and various fields that have already ceased production.
Adura will employ approximately 1,200 people with staff from both Shell and Equinor transferred into the company.
Adura is expected to produce over 140,000 BOED in 2026, which according to Wood Mackenzie, will be more produced oil and gas from the UK North Sea than any other producer in 2026.