Equinor and Shell have announced the creation of their joint venture, Adura, which is set to become the largest oil and gas producer in the UK North Sea. This follows their December 2024 announcement to merge their UK offshore oil and gas assets into a single entity. Adura is expected to help sustain domestic production, which should rise from approximately 140 kboe/d in 2025 to over 200 kboe/d within the next five years.
Regulatory approval processes are currently underway, with the official launch anticipated by the end of 2025. Upon completion, Adura will be jointly owned on a 50:50 basis by Equinor and Shell.
Since 2019, UK oil production has declined at an average annual rate of 10%, reaching 31 Mt in 2024, including a 9% drop that year alone. Gas production has been more volatile: after remaining relatively stable around 40 bcm annually between 2012 and 2020, it fell 18% in 2021, rose 16% in 2022, and dropped again by 10% in both 2023 and 2024, reaching 33 bcm.