Adura Energy, the joint venture between Shell and Equinor, has signed a $3 billion reserve-based lending (RBL) facility to support its future growth and energy supply objectives in the United Kingdom.

This seven-year senior secured financing arrangement represents the first syndicated bank funding obtained by Adura since its establishment in December 2025.

The financing follows the merger of the UK offshore oil and gas businesses of Shell UK Limited and Equinor UK Limited into Adura Energy, a 50/50 joint venture, creating what the companies describe as the largest independent producer in the UK North Sea.

The financing facility was significantly oversubscribed, with a syndicate of 18 international banks participating, all of which are new banking relationships for the company.

Neil McCulloch, Chief Executive Officer of Adura, stated: "This new reserve-based lending facility is a significant step forward for Adura. It provides the financial strength and flexibility to implement our strategic plans and continue delivering safe, reliable energy to the UK. We appreciate the strong support from our lending partners and the excellent work by our advisor team in reaching this important milestone."

Deutsche Bank, DNB, First Abu Dhabi Bank, Natixis, and Wells Fargo acted as structuring and coordinating banks for the transaction.

Headquartered in Aberdeen and staffed by employees from both parent companies, Adura will take over interests in 12 producing fields—including Mariner, Rosebank, Buzzard, and Clair—and key projects, along with exploration licenses. The venture aims to enhance cost competitiveness and maximize long-term asset value.

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