Equinor ASA and Shell PLC have appointed Spirit Energy Ltd chief executive Neil McCulloch and MSX International Ltd chair Nicoletta Giadrossi to steer their United Kingdom North Sea joint venture.
Adura, to be equally held between Norway’s majority state-owned Equinor and Britain’s Shell, combines the two companies’ offshore assets in the UK, where Shell and Equinor had declared production rates of over 100,000 barrels of oil equivalent a day (boed) and 38,000 boed respectively as of June.
“These appointments mark a key step in establishing Adura as the UK North Sea’s largest independent producer”, Equinor and Shell said in a joint statement.
“Work continues towards securing regulatory approvals, with launch of Adura anticipated by the end of 2025”, they added.
McCulloch brings over 30 years of leadership experience in the energy sector, the statement noted. Spirit Energy, where he has been CEO since 2022, produces natural gas in the Netherlands and the UK.
“Adura has a clear purpose – to deliver secure energy for the UK. I look forward to working with our talented team to build a business that is operationally excellent, future-focused and grounded in strong values”, commented McCulloch.
Giadrossi meanwhile “is an experienced chair and non-executive director in listed and private companies in energy and infrastructure”, the statement said. She currently chairs MSX International, a service provider in the global mobility sector, and serves on the boards of Vopak NV, a multinational storage company, and Renew Global PLC, a renewables producer in India, the statement said.
“Adura represents a unique opportunity to shape the future of UK energy”, commented Giadrossi. “I’m excited to work with Neil and the board to ensure Adura delivers long-term value for all stakeholders – with safety, sustainability and performance at its core”.
Adura, according to the owners, will include Equinor’s 29.89 percent stake in the CNOOC Ltd-operated Buzzard field, which started production 2007; an operating stake of 65.11 percent in Mariner, started up 2019; and an 80 percent operating stake in Rosebank, expected to come onstream 2026 or 2027.
Shell will contribute its 27.97 percent ownership in BP PLC-operated Clair, put online 2005; a 50 percent operating stake in Gannet, fired 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, started up 1994; a 50 percent operating stake in Penguins, started up 2003; a 92.52 percent operating stake in Pierce, started up 1999; a 44.9 percent stake in BP-operated Schiehallion, started up 1998; a 55.5 operating stake in Shearwater, started up 2000; and a 100 percent stake in Victory, expected to start up this year.
Several exploration licenses will also be transferred to Adura, according to the partners.
“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”, said a joint statement June 26 introducing Adura. “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”.
The June statement said there were around 1,300 people employed by Shell (about 1,000) and Equinor (approximately 300) in their UK oil and gas operations.
To contact the author, email jov.onsat@rigzone.com
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