New Joint Venture Adura Unifies Equinor and Shell’s UK Offshore Operations to Strengthen Long-Term North Sea Competitiveness

New Joint Venture Adura Unifies Equinor and Shell’s UK Offshore Operations to Strengthen Long-Term North Sea Competitiveness

(IN BRIEF) Equinor and Shell have combined their UK offshore oil and gas activities to create Adura, a jointly owned company that is now the largest independent producer in the UK North Sea. Led by CEO Neil McCulloch, Adura inherits 12 producing fields and development projects, along with exploration licenses and a workforce of about 1,200 employees. The joint venture is positioned to deliver greater efficiency and long-term value by pooling the two companies’ North Sea expertise. Executives from both Shell and Equinor highlighted the milestone as a major moment for the UK energy sector, noting Adura’s scale, technical strength, and strategic importance. The company is expected to produce more than 140,000 barrels of oil equivalent per day in 2026. Equinor and Shell will continue to operate other parts of their portfolios separately, including offshore wind assets, hydrogen and CCS projects, gas terminals, and fields outside the joint venture. Headquartered in Aberdeen, Adura represents a new phase of North Sea operations focused on operational flexibility, competitiveness, and continuity of supply.

(PRESS RELEASE) STAVANGER, 2-Dec-2025 — /EuropaWire/ — Equinor and Shell have finalized an agreement to merge their UK offshore oil and gas operations into a single entity, launching a new company named Adura — now the largest independent producer operating in the UK North Sea. Formed as a 50:50 joint venture, Adura brings together decades of operational knowledge, engineering expertise, and basin leadership from two of the world’s major energy companies.

Neil McCulloch, who steps in as Adura’s CEO and has more than 30 years of experience across the energy industry, described the launch as a rare opportunity to shape a company from its very beginning. “This is an extraordinary moment,” he said. “Our approach will be anchored in safety, confidence in the long-term potential of the North Sea, and the combined strengths of Equinor and Shell. I’m looking forward to working with an exceptional team as we build this business together.”

By unifying their UK portfolios, Shell and Equinor aim to create a more competitive operator with greater scale, improved cost efficiency, and strengthened operational resilience. The joint company will manage a robust collection of producing assets, discoveries under development, and exploration licenses across the UK continental shelf.

Rich Howe, Shell’s Executive Vice President for Conventional Oil & Gas, called the formation of Adura a landmark development for both the company and the wider UK industry. “Becoming the largest independent producer in the UK North Sea in partnership with Equinor is a significant milestone. With a strong asset base and top-tier technical capability, Adura is set up to lead confidently in a mature but still vital basin.”

Equinor’s Executive Vice President for Exploration and Production International, Philippe Mathieu, emphasized the strategic value of combining portfolios in this way. “Adura opens a new chapter for the UK North Sea by integrating two substantial businesses into a focused, flexible operator. With scale and long-term vision, the new company is positioned to contribute meaningfully to the UK’s energy landscape while creating value for its owners.”

Adura takes over Equinor and Shell’s ownership interests in 12 producing oil and gas fields and near-term development projects. These include Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion. The company is headquartered in Aberdeen, and personnel from both parent companies are transitioning into the new organisation to ensure continuity, protect institutional knowledge, and preserve technical capability.

Additional details

• Adura will employ approximately 1,200 people.
• Production is expected to exceed 140,000 barrels of oil equivalent per day in 2026.
• Independent analysis from Wood Mackenzie indicates that Adura is positioned to be the UK North Sea’s largest producer in 2026.
• Equinor will retain its cross-border fields Utgard, Barnacle, Statfjord, and its offshore wind holdings such as Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank. It will also keep its hydrogen, CCS, power generation, gas storage and battery storage assets.
• Shell U.K. Limited will continue to own assets within the SEGAL system (Fife NGL Plant, St Fergus Gas Terminal, Braefoot Bay), its interests in the Bacton gas terminal, Southern North Sea properties, the Howe asset, and several assets that have ceased production.

The formation of Adura marks a significant realignment in the UK offshore sector, creating a major new operator designed to compete effectively in a mature basin while maintaining a central role in supporting the UK’s domestic energy supply.

Press contact:

Sissel Rinde
Vice president Media relations
Corporate affairs
sisr@equinor.com
+47 412 60 584

SOURCE: Equinor ASA