Dana Petroleum’s Group Chief Executive Marcus Richards said he will step down from his post. Graham Scotton, currently the company’s chief operating officer, will serve as acting group chief executive in Richards’ place.
Richards joined the company in 2010 following its takeover by the Korea National Oil Corp., transforming it from an investor-led business into an exploration and production company operating in Europe, Africa, and the Middle East. Dana said its oil production has increased to 55,000 b/d during Richards’ tenure.
Dana added that its growth strategy launched in 2011 has led to exploration and appraisal successes in the UK, Netherlands, and Egypt, creating opportunities for future developments. The company has also shifted its focus from a largely nonoperated portfolio toward more operated positions.
Dana said its $1.6 billion Western Isles development project, approved by the UK government in late 2012, will provide an additional 40,000 b/d production when it comes on stream in 2015.
Scotton joined Dana earlier this year after previously serving as country manager for Cobalt International Energy in Angola. He’s spent 36 years in the oil and gas industry, including time as a vice-president of operations, a general manager in Egypt, and a chief operating officer in Angola (OGJ Online, Sept. 9, 2013).