As part of the Korea National Oil Corporation (KNOC), Dana has a unique opportunity to develop and grow, with a longer-term focus than ever before. We will play a central role in helping KNOC achieve its goals to reach 300,000 barrels of oil production by 2012 and 1.2 million by 2030.
Our ambition is to become a leading international oil and gas company operating in Europe, the Middle East and Africa, markets where we already have successful operations and we see great opportunities for growth, both organically and through acquisitions.
We want to double the size of the company from 60,000 barrels a day, to more than 100,000 barrels a day by 2016. Each year between now and then, we’ll invest $1 billion to achieve this goal.
boepd – KNOC production goal for 2012
Annual investment until 2016
Drive performance in existing locations
- realising the full potential of our existing businesses at each stage of the value chain, from exploration, to appraisal, to development and into production
- pursuing infrastructure-led exploration opportunities that take advantage of our strong acreage positions and connect to existing production hubs
- focusing on the successful delivery of our major projects, Arran and Western Isles in the UK and Medway in the Netherlands
- managing our assets to the very highest operational and safety standards, and applying the latest industry techniques to extend the production potential
- shifting our historical focus on non-operated positions to become an operator, where it creates benefits to do so.
Secure access to new provinces
- looking beyond our existing operations for growth from frontier exploration and new business development
- focusing on small to medium scale reserves positions, leveraging our partnership with KNOC to create competitive advantage
- building on our existing frontier exploration activities in Morocco, Mauritania and Guinea to create an exploration pipeline for the future
- using our technical knowledge and expertise to target field reactivation and redevelopment opportunities
- pursuing proactive new business development opportunities that support our ambition and goals.
Become a partner of choice
- developing strong partnerships with other oil and gas companies, service companies, governments and communities to support Dana’s future development
- understanding what our partners really want to achieve so that we can create mutual advantage – benefits for Dana and benefits for others
- recognising that it's ‘how’ we do business, rather than ‘what’ we do that will define Dana and earn us the reputation as a partner of choice.
Increase value and efficiency
- hitting the numbers
- understanding where value is created and destroyed
- controlling our operating costs and driving capital efficiency through excellent planning and delivery of activities.
Develop the best people, processes and technology
- becoming a performance-driven, values-led organisation
- attracting, developing and retaining high-calibre people across the Group
- creating a working environment where talented people are proud to work at Dana, take advantage of development opportunities and are rewarded for great performance
- using common processes – based on lean manufacturing techniques – to drive greater efficiency and consistency across our activities
- harnessing the latest technology to create competitive advantage and operational success for Dana.