Dana Petroleum plc is an oil and gas exploration and production company based in
Aberdeen
Aberdeen (; sco, Aiberdeen ; gd, Obar Dheathain ; la, Aberdonia) is a city in North East Scotland, and is the third most populous city in the country. Aberdeen is one of Scotland's 32 local government council areas (as Aberdeen City), a ...
, Scotland. Its activities are focused on the
North Sea
The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian ...
, Africa and
The Middle East
The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabia (including the Arabian Peninsula and Bahrain), Asia Minor (Asian part of Turkey except Hatay Province), East Thrace (Europea ...
. It is a subsidiary of the
Korea National Oil Corporation
Korea National Oil Corporation (KNOC) is the national oil and gas company of South Korea and one of the most important industrial companies in the country. The company has operated and continues to operate oil and gas fields in Vietnam, Peru, Indo ...
and is a former constituent of the
FTSE 250 Index
The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, Septem ...
.
History and current affairs
The company was formed in 1994 by Tom Cross to exploit
North Sea
The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian ...
oil opportunities. In 2007 the company acquired Ener Petroleum for £24 million as well as
Devon Energy
Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. I ...
Corporation's oil and gas operations in
Egypt
Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a List of transcontinental countries, transcontinental country spanning the North Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via a land bridg ...
for US$375 million.
[
] In June 2010, Dana Petroleum agreed to acquire
Petro Canada Netherlands from
Suncor Energy
Suncor Energy (french: Suncor Énergie) is a Canadian integrated energy company based in Calgary, Alberta. It specializes in production of synthetic crude from oil sands. In the 2020 Forbes Global 2000, Suncor Energy was ranked as the 48th-lar ...
for around $393 million, then later in September 2010 the company announced a further $372 million acquisition of certain Petro Canada UK assets.
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.
[
] 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.
[
] 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.
[
]
In January 2014, Dana Petroleum began seismic operations in
Cameroon
Cameroon (; french: Cameroun, ff, Kamerun), officially the Republic of Cameroon (french: République du Cameroun, links=no), is a country in west-central Africa. It is bordered by Nigeria to the west and north; Chad to the northeast; the ...
in
Bakassi
Bakassi is a peninsula on the Gulf of Guinea. It lies between the Cross River estuary, near the city of Calabar and the Rio del Ray estuary on the east. It is governed by Cameroon, following the transfer of sovereignty from neighbouring Ni ...
West after signing a
Production Sharing Contract (PSC) for the block with the
Government of Cameroon
The Republic of Cameroon
Cameroon (; french: Cameroun, ff, Kamerun), officially the Republic of Cameroon (french: République du Cameroun, links=no), is a country in west-central Africa. It is bordered by Nigeria to the west and north; ...
.
Operations
Dana has exploration and production activities across the
North Sea
The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian ...
, the Middle East and West Africa.
See also
*
Energy in Egypt
This article describes the energy and electricity production, consumption and import in Egypt.
Overview
Electrical power
Egypt is classified as having a “high power system size (24,700 MW installed generation capacity in 2010 with more ...
References
External links
*
{{Energy in the United Kingdom, companies
Oil and gas companies of the United Kingdom
Oil and gas companies of Egypt
Companies based in Aberdeen
Energy companies established in 1994
Non-renewable resource companies established in 1994
1994 establishments in Scotland