Mr Ewing met Paul Griffin, UK Managing Director, to discuss the $1.5 billion Western Isles Project which is expected to add 40,000 barrels of oil per day to Dana’s portfolio when first oil is produced in 2015.
Paul said, “Dana is aiming to become a leading international oil and gas company operating in Europe, Africa and the Middle East. The North Sea has a key role to play in our growth. 70% of our operations are in the North Sea and investment in projects such as Western Isles are testament to Dana’s belief that the North Sea still has a bright future.
”Earlier this year, the Scottish Government announced its oil and gas strategy targeting higher long-term recovery rates, greater exports and £30 billion annual sales by 2020. “Oil and gas is the UK’s largest industry sector supporting 440,000 jobs – nearly half of them in Scotland”, Paul comments. “As the second largest exploration acreage holder in the UK Continental Shelf, it is imperative we nurture and maintain close relationships with government to ensure a stable and secure industry for all.”
Energy Minister Fergus Ewing said, “It was a pleasure to visit Dana Petroleum and the company's new headquarters, opened earlier this week by the First Minister, and find out more about the company's plans and continuing commitment to the North Sea and Scotland.
“The oil and gas sector is vitally important to Scotland's economy. With more than half of the value of the North Sea's oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, oil and gas will remain an enormous economic resource for decades to come.
“The Scottish Government's Oil and Gas Strategy, developed in conjunction with industry, lays out a plan to help the industry go from strength to strength, and rising capital investment - reaching £8.5bn in 2011 and expected to rise to £11.5bn in 2012 - demonstrates the confidence investors and the industry have in Scotland.”
NOTES TO EDITORS
About Dana Petroleum plc
Dana Petroleum plc is a $4 billion oil and gas business with operations in the UK, Egypt, Norway, The Netherlands and Africa, producing 60,000 barrels of oil a day. Acquired by the Korea National Oil Corporation in 2010, our ambition is to grow to become a leading international oil and gas company operating in Europe, Africa and the Middle East. 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 shareholder.
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Director of Group Communications and External Affairs