$3 billion loan in the bag, as Shell and Equinor’s UK JV ups financial ante

March 24, 2026, by Melisa Cavcic

Adura, an incorporated joint venture (IJV) between the UK’s Shell and Norway’s Equinor, has secured a multibillion-dollar reserve based lending (RBL) facility to support its growth aspirations.

Illustration; Source: Adura via LinkedIn

Adura Energy has signed a new seven-year, senior-secured reserve based lending facility, which marks its inaugural syndicated bank facility since it was formed in December 2025.

The $3 billion facility, which will support the company’s future growth ambition to provide secure energy for the UK, was heavily oversubscribed, underscoring strong confidence in the firm’s portfolio and long‑term outlook.

The Adura syndicate is made up of 18 international banks, all of which represent new banking relationships for the company. Deutsche Bank, DNB, First Abu Dhabi Bank, Natixis CIB, and Wells Fargo acted as structuring and coordination banks.

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While Bracewell acted as counsel to Adura, Herbert Smith Freehills Kramer served as lenders’ counsel, with Jefferies International acting as financial advisor to the firm.

Neil McCulloch, Adura’s CEO, commented: “This new RBL facility is a major step forward for Adura. It provides the financial strength and flexibility to deliver on our strategic plan and to continue supplying the UK with secure, reliable energy.

“We are grateful for the strong support from our lending partners and the excellent work of our advisors in achieving this important milestone.”