Photo caption: Shell logo
North Sea operator Adura has raised $3 billion (£2.2bn) debt package through a consortium of lenders to fund its “future growth ambition”.
The seven-year reserve based lending (RBL) facility was backed by 18 international banks including Deutsche Bank, DNB, First Abu Dhabi Bank, Natixis CIB, and Wells Fargo who acted as structuring and co-ordination banks. The syndicate members all represent new banking relationships for Adura.
Adura said the facility was “heavily oversubscribed” underscoring strong confidence in the firm’s portfolio and long‑term outlook.
The cash comes at a critical time for the group as it presses ahead with Rosebank, the UK’s largest unproduced oil and gas field.
The project West of Shetland is awaiting a production consent decision from the UK government after its licence was ruled “unlawful” over emissions impact.
Photo caption: Neil McCulloch is CEO of the Equinor and Shell North Sea joint venture Adura in Aberdeen. Photo credit: Equinor
Neil McCulloch, Adura CEO, said: “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.”
Adura was forged out of a merger of the North Sea assets owned by Shell and Norway’s Equinor.
The firm is pressing ahead with plans for Rosebank and Jackdaw, both of which were stymied by high court judgements.
Nevertheless, the floating production storage and offloading (FPSO) vessel due to be installed on the Rosebank field, Christened the Petrojarl Rosebank, recently sailed away from Dubai through the Strait of Hormuz successfully before conflict broke out in the Middle East.
The Middle East conflict has also sharpened debate over the role UK oil and gas production can play in increasing energy security.
=== Energy Voice ===
