Shell, Equinor Seal The Deal To Create Adura

(RTTNews) - Shell plc (SHEL,SHEL.L), a European energy and petrochemical firm, on Monday announced it has launched a new company, Adura, after completing a deal to combine its UK offshore oil and gas operations with energy company Equinor UK Ltd., a subsidiary of Equinor ASA (EQNR). Adura, equally owned by Shell and Equinor, is headquartered in Aberdeen and will be lead by Chief Executive Officer Neil McCulloch. Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2026.

Shell's Executive Vice President for Conventional Oil & Gas, Rich Howe said: "With an exceptional asset base and industry leading expertise, Adura is well-positioned to lead in this mature basin." As per the deal, Equinor will retain ownership of its cross-border assets, as well as hydrogen, carbon capture and storage, power generation, battery storage, and gas storage assets.

Whereas, Shell U.K. Ltd. will retain ownership of its interests and projects that are part of the UK SEGAL system, as well as multiple assets in the Southern North Sea. It also maintains its interest in the Howe asset, as well as a number of assets that are post-cessation of production.

On Friday, the Shell shares had closed 0.49% higher at $73.77 on the NYSE. And the EQNR shares had closed 0.36% higher at $22.91 on the NYSE.