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| Formerly | Dana Petroleum Public Limited Company (23 Oct 1997 - 30 Jul 2014) |
|---|---|
| Industry | Oil and gas industry |
| Headquarters | Aberdeen, Scotland, UK |
Key people | Graham Scotton (Acting CE) David Crawford (CFO) |
| Products | Natural gas Petroleum |
| Revenue | £1 billion (2013)[1] |
| Total assets | £1.37 billion (2013)[1] |
Number of employees | 580 |
| Parent | Korea National Oil Corporation |
| Website | dana-petroleum |
Dana Petroleum Limited[2] is an oil and gas exploration and production company based inAberdeen, Scotland. Its activities are focused on theNorth Sea, Africa andThe Middle East. It is a subsidiary of theKorea National Oil Corporation and is a former constituent of theFTSE 250 Index.
The company was formed in 1994 by Tom Cross to exploitNorth Sea oil opportunities. In 2007 the company acquired Ener Petroleum for £24 million as well asDevon Energy Corporation's oil and gas operations inEgypt for US$375 million.[3] In June 2010, Dana Petroleum agreed to acquirePetro Canada Netherlands fromSuncor 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 inCameroon inBakassi West after signing aProduction Sharing Contract (PSC) for the block with theGovernment of Cameroon.[9]
Dana has exploration and production activities across theNorth Sea, the Middle East and West Africa.
