The UK energy industry is entering a new phase following the merger of the offshore operations of Equinor and Shell, which has resulted in the formation of Adura, a joint venture company that is set to become the largest independent oil and gas producer in the North Sea.
Adura, a strategic player based in Aberdeen
Based in Aberdeen, Adura inherits the combined experience of two industry giants, managing a portfolio of assets comprising projects such as Mariner, Rosebank, Buzzard and Shearwater. In total, the new entity assumes stakes in 12 production assets and exploration licenses that strengthen its position in a mature, but still strategic basin for the country’s energy security.
Projections are high: the joint venture is expected to reach production of more than 140,000 barrels of oil equivalent per day by 2026, according to Wood Mackenzie. Such a figure would make the company the leading producer in the British North Sea.
Neil McCulloch, appointed as the company’s CEO, brings more than three decades of industry experience. Under his leadership, the company integrated some 1,200 employees from Equinor and Shell, ensuring the transfer of accumulated technical and operational knowledge.
Both companies will retain strategic assets outside the new company. Equinor will maintain its cross-border projects and its offshore wind portfolio. offshore wind portfoliowhile Shell will continue to operate onshore and offshore infrastructure in other parts of the United Kingdom.
The initiative is aimed at optimizing costs, improving operating efficiency and generating sustained value from resources that, although they come from a mature basin, continue to be essential for the national energy matrix.
Source and photo: Equinor