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Creating a leading international oil and gas company
At a glance
Dana Petroleum was formed in 1994 to exploit opportunities in the UK North Sea. Today were a $3 billion oil and gas business with operations in the UK, Egypt, Norway, The Netherlands and Africa producing 55,000 barrels of oil a day.
Our ambition is to grow to become a leading international oil and gas company operating in Europe, the Middle East and Africa, more than doubling in size by 2016. We will invest more than $5 billion over the next five years to more than double the size of the company and create value for our shareholders.
Dana was acquired by the Korean National Oil Corporation (KNOC) in October 2010. Korea is the eighth fastest growing economy in the world. It is also the fifth largest importer of oil and second largest importer of liquefied natural gas. So, energy security is the key issue. KNOCs vision is to meet the future energy needs of Korea and Dana has a significant role to play.
Overview - Netherlands
Reidar Hustoft – Managing Director
2010 saw one of Danas most significant strategical moves to date, the acquisition of Petro Canada Netherlands B.V., bringing an average yearly production (2010) of c.10,700 boepd to the table, bolstering the organisation's Central North Sea field portfolio, providing operating capabilities in the Netherlands and welcoming an experienced management and technical team with considerable expertise on board.Dana Petroleum Netherlands (Dana NL) has been active in the Dutch sector of the North Sea since 1964 and operates nine offshore production and exploration licenses including the operated De Ruyter and Hanze producing oil fields.In addition, Dana NL has interests in seventeen non-operated production and exploration licenses.The Company has a proven track record in operations and project development, driven by a well established management system and strong HSE culture. The current business provides a balanced portfolio of exploration, production and development projects.The Medway development project, which comprises the subsea tie-back of two fields to the De Ruyter platform, offers near-term production growth through integrated oil and gas development, and an active drilling campaign will provide further operated exploration and development opportunities.