Equinor (EQNR) and Shell (SHEL) said Thursday that their joint venture combining their UK offshore oil and gas assets and operations will be named Adura.
The joint venture, first announced in December 2024, is anticipated to launch by year-end, pending regulatory approvals, the companies said.
It will be based in Silver Fin building in Aberdeen and is set to become the "UK's largest independent producer," according to a statement.
The companies said in December they will own a 50% stake each in the joint venture.
Shares of Shell were up 2.4%, while Equinor's stock was 0.6% higher in recent trading Thursday.
Price: 25.26, Change: +0.15, Percent Change: +0.62
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