Dana Petroleum’s Marcus Richards is stepping down as group chief executive after three years. Graham Scotton, chief operating officer will become the company’s acting group chief executive immediately.
Richards joined the company following its takeover by the Korea National Oil Corporation in late 2010, transitioning it from an investor-led business into an exploration and production company operating in Europe, Africa and the Middle East. During his tenure, Dana’s oil production has increased to 55,000 bo/d, and the company has grown by 150 people.
Dana’s US$1.6 billion Western Isles development project, approved by the UK Government in late 2012, will provide an additional 40,000 bo/d when it comes onstream in 2015.
Scotton joined Dana earlier this year from his previous role as country manager for Cobalt International Energy in Angola.