Dana Petroleum expands production in west Africa

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Dana Petroleum expands production in west Africa

Dana Petroleum, the U.K. explorer acquired by the Korea National Oil Corporation in 2010, plans to expand in west Africa as it seeks to double production over the next five years.

The company, which has assets in the North Sea, Egypt and Africa, aims to produce at least 100,000 barrels of oil equivalent a day by 2016, Chief Executive Officer Marcus Richards said in an interview in London yesterday. The company already has acreage in waters off Morocco, Mauritania and Guinea and is interested in prospects along the west African coast.

“I expect we’ll have more of a balance between the U.K. and the rest of the world,” said Richards, a former executive at BP. Britain currently represents about 70 percent of the business, and the company is the second-largest holder of offshore acreage in the U.K. after Centrica, he said. Bloomberg


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