- Core part of our strategy to acquire more operated positions
- Consolidates our strong position in the Central North Sea
- Flexible, mobile export solutions are the way forward in the North Sea
Today, (Monday 1 October 2012), Dana Petroleum (E&P) Limited, a wholly owned subsidiary of Dana Petroleum plc (Dana) takes over the operatorship of the Triton floating production storage and offloading vessel (FPSO) from Hess and Dana acquires Hess’ 28.28% stake in the Bittern field, increasing Dana’s share in the field to 33%.
Paul Griffin, Dana’s UK Managing Director, said, “This is a significant deal for Dana and consolidates our strong position in the Central North Sea. As the principal production facility for the Greater Guillemot Area and Bittern, Dana will seek to optimise output safely and efficiently across the Triton area.
“This underlines our strategy to move from largely non-operated activities to full-operated field management in the UK Continental Shelf. We believe flexible, mobile export solutions are the way forward and with our experience of operated assets in The Netherlands, Egypt and subsea assets in the UK, we have the capability and skills to succeed.
“Today, we also welcome a team of very experienced people to Dana who will help us fulfil our ambition of becoming a leading international oil and gas company operating in Europe, Africa and the Middle East.”
The Triton FPSO produces oil and gas from the Bittern, Guillemot West and North West, Clapham, Pict and Saxon fields. It is located in the UK Central North Sea, Block 21/30, approximately 120 miles east of Aberdeen.
Joint venture partners in Triton FPSO are Dana (51.966%), Shell UK (26.42%), Esso Exploration and Production UK Limited (20%) and Endeavour (1.614%).
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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.
About Dana Petroleum
UK Our portfolio in the UK consists of exploration, production and development activities throughout the Northern, Central and Southern North Sea, West of Shetland, and in the Moray Firth. We hold a total of 20 operated and 35 non-operated licences acquired through successful licensing rounds, acquisitions and asset farm-ins. Our average annual production in 2011 was 33,000 barrels of oil per day. Our strategy is to continue to invest in our UK exploration portfolio and convert exploration prospects into reserves and production. In 2012 we plan to drill five exploration wells and participate in the UK 27th Licensing Round.
For further information contact:
Director of Group Communications and External Affairs