Dana Petroleum

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Not to be confused with Dana Gas.
Dana Petroleum
Industry Oil and gas industry
Headquarters Aberdeen, Scotland, UK
Key people Graham Scotton
(Acting CE)
David Crawford (CFO)
Products Natural gas
Petroleum
Revenue GB£1 billion (2013)[1]
Total assets GB£1.37 billion (2013)[1]
Employees 580
Parent Korea National Oil Corporation
Website dana-petroleum.com

Dana Petroleum plc is an oil and gas exploration and production company based in Aberdeen, United Kingdom. Its activities are focused on the North Sea, Africa and The Middle East. It is a subsidiary of the Korea National Oil Corporation and is a former constituent of the FTSE 250 Index.

History and current affairs[edit]

The company was formed in 1994 by Tom Cross to exploit North Sea oil opportunities. In 2007 the company acquired Ener Petroleum for £24 million as well as Devon Energy Corporation's oil and gas operations in Egypt for US$375 million.[2] In June 2010, Dana Petroleum agreed to acquire Petro Canada Netherlands from Suncor Energy for around $393 million, then later in September 2010 the company announced a further $372 million acquisition of certain Petro Canada UK assets.[3][3]

On 2 July 2010 Dana Petroleum confirmed it had received a £1.5 billion takeover bid. Korea National Oil Corporation confirmed preliminary discussions regarding a possible cash offer for the entire issued and to-be-issued share capital of Dana Petroleum.[4] On August 20th 2010, KNOC went hostile in their bid for Dana Petroleum, the first time an Asian state owned company had made a direct bid for a UK company.[5] By 24 September 2010, KNOC had received 64.26% acceptance of the share offer from shareholders resulting in the Dana Petroleum Board advising shareholders to accept the offer as the board intended to do with regard to their own beneficial holding.[6]

In January 2014, Dana Petroleum began seismic operations in Cameroon in Bakassi West after signing a Production Sharing Contract (PSC) for the block with the Government of Cameroon.[7]

Operations[edit]

Dana has exploration and production activities across the North Sea, the Middle East and West Africa.

References[edit]

  1. ^ a b (PDF) Report and Accounts 2013. Dana Petroleum plc (Report). Dana Petroleum. 2013. http://www.dana-petroleum.com/Global/PDFs/Reports/Dana_AR_2013.pdf. Retrieved 2014-07-01.
  2. ^ "Dana agrees to buy Norway's Ener for 24 mln pounds". Reuters. 2007-06-12. Retrieved 2011-12-09. 
  3. ^ a b "Dana to acquire Petro Canada Netherlands". Offshore Magazine (PennWell Corporation). 2010-06-14. Retrieved 2010-07-06. 
  4. ^ "KNOC in bid for Dana". Upstream Online (NHST Media Group). 2010-07-02. (subscription required). Retrieved 2010-07-02. 
  5. ^ Johnson, Miles (2010-08-20). "KNOC launches hostile bid for Dana Petroleum". Financial Times. (subscription required). Retrieved 2011-12-09. 
  6. ^ Thompson, Christopher (2010-09-24). "KNOC clinches Dana Petroleum takeover". Financial Times. (subscription required). Retrieved 2011-12-09. 
  7. ^ Dana Petroleum begins seismic operations in Cameroon, Oil Review Africa, 2014 

External links[edit]