Shell UK and Equinor UK have completed a deal to combine their UK offshore oil and gas operations to form a new company. Adura, which launched today (December 1), will be the largest independent producer in the UK North Sea.
Neil McCulloch, who
will lead Adura as CEO, bringing more than 30 years' experience in the energy
sector, 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, jointly owned
by Shell (50%) and Equinor (50%), combines decades of North Sea expertise into
a joint venture that is positioned to deliver a more cost-competitive portfolio
and maximise
long-term value for UK assets.
Rich Howe, Shell’s Executive
Vice President 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 Executive Vice President for
Exploration and Production International, said: “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.”
Adura assumes Equinor
and Shell’s interests in 12 producing oil and gas assets and projects in
execution, including: Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet,
Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion.
It also holds a number
of exploration licenses.
The company is
headquartered in Aberdeen. Staff from both Shell and Equinor have transferred
into Adura, ensuring that industry-leading expertise is retained. -TradeArabia News Service