Dana Petroleum

Not to be confused with Dana Gas.
Dana Petroleum Limited
FormerlyDana Petroleum Public Limited Company (23 Oct 1997 - 30 Jul 2014)
IndustryOil and gas industry
HeadquartersAberdeen, Scotland, UK
Key people
Graham Scotton
(Acting CE)
David Crawford (CFO)
ProductsNatural gas
Petroleum
Revenue£1 billion (2013)[1]
Total assets£1.37 billion (2013)[1]
Number of employees
580
ParentKorea National Oil Corporation
Websitedana-petroleum.com

Dana Petroleum Limited[2] is an oil and gas exploration and production company based in Aberdeen, Scotland. 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

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.[3] 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.[4][5]

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.[6] On 20 August 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.[7] 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.[8]

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.[9]

Operations

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

See also

References

  1. ^ a b Report and Accounts 2013. Dana Petroleum plc (PDF) (Report). Dana Petroleum. 2013. Archived from the original (PDF) on 10 August 2014. Retrieved 1 July 2014.
  2. ^ "Companies House - Dana Petroleum Limited".
  3. ^ "Dana agrees to buy Norway's Ener for 24 mln pounds". Reuters. 12 June 2007. Archived from the original on 19 September 2024. Retrieved 19 September 2024.
  4. ^ "Dana to acquire Petro Canada Netherlands". Offshore Magazine. PennWell Corporation. 14 June 2010. Archived from the original on 30 September 2011. Retrieved 6 July 2010.
  5. ^ "Dana Acquires UKCS Interests from Petro-Canada UK Limited for $372 Million". Offshore Energy Today. 9 September 2010. Retrieved 9 December 2011.
  6. ^ "KNOC in bid for Dana". Upstream Online. 2 July 2010. (subscription required). Retrieved 2 July 2010.
  7. ^ Johnson, Miles (20 August 2010). "KNOC launches hostile bid for Dana Petroleum". Financial Times. (subscription required). Retrieved 9 December 2011.
  8. ^ Thompson, Christopher (24 September 2010). "KNOC clinches Dana Petroleum takeover". Financial Times. (subscription required). Retrieved 9 December 2011.
  9. ^ Dana Petroleum begins seismic operations in Cameroon, Oil Review Africa, 2014, archived from the original on 1 February 2014