Dana Petroleum, a UK oil company owned by the Korea National Oil Company (Knoc), has embarked on a multi billion-dollar growth programme that will see it competing for contracts in the region.
Intent on growing its oil production to 100,000 barrels per day (bpd) by 2016, Dana is poised to invest about US$1 billion (Dh3.67bn) a year to achieve this target. Its present production stands at 64,000 bpd.
The company is seeking to grow in Europe, the Middle East and Africa, and it is already operating in eight countries. Marcus Richards, Dana's chief executive, said he was in negotiations over new business in the Middle East.
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