Shell-Norwegian State Oil Company Joint Venture Adura Signs $3 Billion Financing Agreement

Shell and Adura Energy, their joint venture with Norwegian state oil company Equinor, have signed a $3.0 billion reserve-based lending (RBL) financing agreement to support its growth and energy supply goals in the UK going forward.

The seven-year, senior secured financing agreement is the first syndicated bank financing that Adura has obtained since it was established in December 2025.

Previously, Shell UK Limited and Equinor UK Limited combined their offshore oil and gas businesses in the UK into a joint venture, Adura Energy, with each holding a 50% stake, creating what they describe as the largest independent producer in the UK North Sea.

The financing agreement was significantly oversubscribed, with a syndicate of 18 international banks participating. All of these banks are part of the company’s newly established banking relationships.

Adura’s CEO, Neil McCalock, said: “This new reserve-based lending financing agreement is an important step forward for Adura. It provides the financial strength and flexibility we need to implement our strategic plan and continue to provide the UK with secure, reliable energy. We thank our lending partners for their strong support and the excellent work of the advisory team in delivering this important milestone.”

Deutsche Bank, Norway’s DNB Bank, First Abu Dhabi Bank, BNP Paribas, and Wells Fargo served as the structuring and coordinating banks for the transaction.

Adura is headquartered in Aberdeen and, with staff from both companies, will take over the interests in 12 producing oil fields and key projects, including Mariner, Rosebank, Buzzard, and Clair, as well as exploration licenses, with the aim of improving cost competitiveness and maximizing long-term asset value.

Both companies will retain some assets outside the joint venture: Equinor will retain its portfolio of cross-border oil fields, renewable energy, and low-carbon projects, while Shell will retain key onshore gas infrastructure and interests in the Southern and Northern North Sea.

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