Shell and Equinor's UK North Sea oil and gas joint venture on Tuesday secured a $3 billion reserve-based lending facility, its first major debt deal since formation late last year.
The seven-year financing will support Adura's plans to develop its UK North Sea portfolio at a time when Britain is pushing to boost domestic energy production amid concerns over supply security after years of Labour Government efforts to crush production for its misjudged, costly swing to renewables.
Adura, which was formed in December, operates several offshore British oil and gas fields including the Rosebank oilfield, which has not yet started production amid fierce criticism from climate extremists who argue new oil and gas developments are incompatible with Britain's controversial and economy-dampening net zero targets.
The facility provides Adura with "financial strength and flexibility" to deliver on its strategic plan and continue supplying the UK with energy, Adura CEO Neil McCulloch said.
(Reporting by Prerna Bedi in Bengaluru; Editing by Maju Samuel)
