Shell PLC and Equinor ASA have named their United Kingdom North Sea joint venture Adura, which they announced December as the biggest independent producer on the UK’s side of the sea.
“Work continues towards securing regulatory approvals, with launch of the IJV [incorporated JV] expected by the end of this year”, Norway’s majority state-owned Equinor said in an online statement.
Adura, which will be equally owned, combines the two companies’ offshore assets in the UK, where Shell currently produces over 100,000 barrels of oil equivalent a day (boed) and Equinor about 38,000 boed. “Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2025”, Equinor said.
The name Adura is “rooted in their [the companies] respective heritage and focused on shaping the future of the basin in the years ahead”, Equinor explained. “Adura has been created to bring together the A of Aberdeen and the dura of durability. It’s a company built on firm foundations, much like the strong granite synonymous with the city”.
“Adura will sustain domestic oil and gas production and security of energy supply in the UK and beyond”, Equinor added.
Adura will include Equinor’s 29.89 percent stake in the CNOOC Ltd.-operated Buzzard field, which started production 2007; an operating stake of 65.11percent in Mariner, online since 2019; and an 80 percent operating stake in Rosebank, expected to come onstream 2026.
Shell will contribute its 27.97 percent ownership in BP PLC-operated Clair, which began production 2005; a 50 percent operating stake in Gannet, started up 1992; a 100 percent stake in Jackdaw, for which Shell plans to seek a new consent following a court nullification; a 21.23 percent operating stake in Nelson, which started production 1994; a 50 percent operating stake in Penguins, which started production 2003; a 92.52 percent operating stake in Pierce, which started production 1999; a 44.9 percent stake in BP-operated Schiehallion, which started production 1998; a 55.5 operating stake in Shearwater, which started production 2000; and a 100 percent stake in Victory, expected to start up this year.
“A range of exploration licenses will also be part of the transaction”, Equinor said.
“Equinor will retain ownership of its cross-border assets, Utgard, Barnacle and Statfjord and offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank.
“It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets.
“Shell UK will retain ownership of its interests in the Fife NGL plant, St Fergus Gas Terminal and floating wind projects under development – MarramWind and CampionWind.
“Shell UK will also remain Technical Developer of Acorn, Scotland’s largest carbon capture and storage project”.
Simon Roddy, senior vice president for upstream at Shell UK, said, “When Adura launches later this year it will become the UK’s largest independent producer”.
Shell has about 1,000 workers in the UK while Equinor employs about 300, according to the statement.
To contact the author, email jov.onsat@rigzone.com
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