Equinor And Shell Complete Deal To Form Adura

(RTTNews) - Equinor ASA (EQNR), a Norwegian energy company, on Monday said it has completed a deal to combine its UK offshore oil and gas operations with Shell plc (SHEL) into a new joint venture, Adura, which will become the UK North Sea's largest independent producer.

Adura is a 50 50 joint venture and will operate a cost-competitive portfolio aimed at maximizing long-term value from UK assets.

The entity assumes both companies' interests across 12 producing fields and projects under development, including Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion, along with multiple exploration licences.

The new company is headquartered in Aberdeen, with staff transferring from both companies to retain operational expertise.

In the pre-market trading, Shell is 0.32% higher at $74 on the New York Stock Exchange.

In the pre-market trading, Equinor is 0.07% lesser at $22.90 on the New York Stock Exchange.