Shell and Equinor take ‘key step’ to set up their UK North Sea JV with CEO appointment

September 8, 2025, by Melisa Cavcic

As Adura, an incorporated joint venture (IJV) of the UK’s Shell and Norway’s Equinor, continues making progress in securing regulatory approvals, the two energy heavyweights have unveiled the name of the JV’s chosen Chief Executive Officer (CEO).

After disclosing the creation of Adura in December 2024, following the decision Equinor and Shell made to combine their UK offshore oil and gas assets into a new incorporated joint venture, the two companies have revealed the appointment of Neil McCulloch as Chief Executive Officer and Nicoletta Giadrossi as Chair of their offshore UK incorporated joint venture.

Equinor and Shell claim that these appointments mark “a key step” in establishing Adura as the UK North Sea’s largest independent producer, underscoring the company’s focus on operational excellence, strong governance, and a clear vision for the future of UK oil and gas.

Headquartered at the Silver Fin building in Aberdeen city center, this JV is envisioned to sustain domestic oil and gas production and security of energy supply in the UK and beyond.

Name unveiled for Shell–Equinor JV set to dominate UK North Sea production

Business Developments & Projects

With more than 30 years of leadership experience in the energy sector and a strong track record in improving operational and safety performance, McCulloch, who currently acts as the CEO of Spirit Energy, has championed the role of oil and gas in supporting the UK’s energy transition.

Adura’s incoming CEO underlined: “I’m honoured to lead Adura at this pivotal moment. Adura has a clear purpose — to deliver secure energy for the UK. I look forward to working with our talented team to build a business that is operationally excellent, future-focused, and grounded in strong values.”

Giadrossi, who is described as an experienced Chair and Non-Executive Director in listed and private companies in energy and infrastructure, has led four boards and is currently chairing MSX International, a company providing technical services to the mobility sector. She is also a board member of Vopak, a storage infrastructure company, and Renew Global, a renewables producer in India.

Adura’s launch is anticipated by the end of 2025. As Equinor currently produces around 38,000 barrels of oil equivalent (boe) per day in the UK and Shell over 100,000 boe per day, Adura is expected to generate over 140,000 barrels of oil equivalent per day in 2025.

Shell and Equinor’s oil & gas merger giving birth to ‘biggest independent producer’ in UK North Sea

Business & Finance

“Adura represents a unique opportunity to shape the future of UK energy. I’m excited to work with Neil and the Board to ensure Adura delivers long-term value for all stakeholders — with safety, sustainability, and performance at its core,” highlighted Giadrossi.

Upon completion, Adura, which will be jointly owned by Equinor (50%) and Shell (50%), will include Equinor’s equity interests in Mariner, Rosebank, and Buzzard, alongside Shell’s equity interests in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair, and Schiehallion, as well as a range of exploration licenses.