23/Apr/2014 - Last News Update: 22:39

Oil firm wins drilling licences

Category: Scotland

Published: 29th Jan 2010 21:40:56

An Aberdeen-based oil exploration and production company has won a share of nine new licences for drilling zones in Norwegian waters.

Dana Petroleum has issued an operational update to the stock market, showing strong growth in its reserves.

Production is already established across 36 fields in British, Egyptian, Norwegian and Dutch waters.

Dana said its drilling in the southern North Sea has been stepped up due to the reduced cost of leasing rigs.

The company also announced a share in drilling rights off the coast of Guinea, with testing already under way.

'Significant portfolio'

In Egypt, it has three exploration wells, with a further 14 planned for 2010, including "significant prospects" in the Nile Delta, off the Faroe Islands and Mauritania.

Capital investment for this year is expected to reach £235m.

Chief executive, Tom Cross, said: "Despite tough macro-economic conditions during 2009, Dana has achieved substantial progress across its portfolio.

"The company made five significant new oil and gas discoveries, driving its reserves to a new record high."

On the new Norwegian licences, he said: "This provides a significant portfolio of new opportunities, building upon Dana's existing business in Norway".

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BBC News, 2010. Oil firm wins drilling licences [Online] (Updated 29th Jan 2010)
Available at: http://www.ukwirednews.com/news/15293/Oil-firm-wins-drilling-licences [Accessed 23rd Apr 2014]

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