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Shell (SHEL.L, SHELL.AS) and Equinor (EQNR.OL) formally launched their new joint venture Adura, becoming the UK North Sea’s largest independent oil and gas producer.
The two energy majors completed the combination of their UK offshore portfolios on Monday, creating a standalone company owned on a 50/50 basis. Adura brings together North Sea operating experience, a broad slate of producing fields and development projects, and a workforce of about 1,200 employees drawn directly from both Shell and Equinor.
The new company inherited interests in 12 producing assets and several developments, including the Mariner, Rosebank, Buzzard and Shearwater fields. It will also advance exploration projects still under execution.
Adura is expected to produce more than 140,000 barrels of oil equivalent per day in 2026. Analysts at Wood Mackenzie estimate the venture will outproduce every other operator in the UK North Sea in 2026.
The company will be led by Neil McCulloch, who highlighted the new venture’s commitment to safety and confidence in the future of the North Sea. Shell’s executive vice president for Conventional Oil & Gas, Rich Howe, said forming the largest independent producer signals renewed confidence in the region. “With an exceptional asset base and industry leading expertise, Adura is well-positioned to lead in this mature basin.”
Meanwhile, Equinor’s exploration and production executive vice president, Philippe Mathieu, described the launch as a new chapter for the North Sea, saying the merged portfolios create the focus and flexibility needed to navigate market cycles while supporting the UK’s long-term energy requirements.
Shell gained marginally in London and Equinor was down slightly in Oslo on Monday midday.