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Equinor, Shell JV Adura Secures $3 Billion Lending Facility

Provided by Dow Jones Mar 24, 2026, 12:31:00 PM

By Dominic Chopping

Adura, the U.K. North Sea oil and gas joint venture formed by Equinor and Shell, has secured its first major financing deal with a $3 billion reserve-based lending facility.

The venture was formed in December as the two energy majors combined their U.K. offshore oil-and-gas assets. The new JV has interests in 10 producing North Sea assets, a number of exploration licenses, and the Jackdaw and Rosebank projects that are yet to start production.

The seven-year reserve-based lending facility announced Tuesday is provided by a syndicate of 18 international banks and was heavily oversubscribed, it said.

"It provides the financial strength and flexibility to deliver on our strategic plan and to continue supplying the U.K. with secure, reliable energy," Adura Chief Executive Neil McCulloch said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 24, 2026 08:31 ET (12:31 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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