Shell-Equinor JV Adura Signs $3B Financing Deal
March 24, 2026
Adura Energy, a joint venture between Shell and Equinor, has signed a $3 billion reserve-based lending (RBL) facility to support its future growth and energy supply ambitions in the United Kingdom.
The seven-year, senior-secured facility is Adura’s first syndicated bank financing since the company was established in December 2025.
To remind, Shell U.K. Limited and Equinor UK Limited combined their UK offshore oil and gas operations into a 50/50 joint venture, Adura Energy, creating what they describe as the largest independent producer in the UK North Sea.
The facility was heavily oversubscribed, with participation from a syndicate of 18 international banks, all representing new banking relationships for the company.
“This new RBL facility is a major step forward for Adura. It provides the financial strength and flexibility to deliver on our strategic plan and to continue supplying the UK with secure, reliable energy. We are grateful for the strong support from our lending partners and the excellent work of our advisors in achieving this important milestone,” said Neil McCulloch, Adura CEO.
Deutsche Bank, DNB, First Abu Dhabi Bank, Natixis CIB and Wells Fargo acted as structuring and coordination banks on the transaction.
Headquartered in Aberdeen and staffed by personnel from both companies, Adura will take over interests in 12 producing fields and key projects, including Mariner, Rosebank, Buzzard and Clair, along with exploration licenses, with the aim of improving cost competitiveness and maximizing long-term asset value.
Both companies will retain selected assets outside the venture, with Equinor keeping its cross-border fields, renewables and low-carbon portfolio, while Shell retains key onshore gas infrastructure and Southern North Sea interests.
