Dana Petroleum Plc, the U.K. oil producer owned by Korea National Oil Corp., said acquisitions may allow it to exceed a production target of more than 100,000 barrels a day by 2016.
Dana may add assets in the North Sea and Africa, Chief Executive Officer Marcus Richards said in a telephone interview today. The Aberdeen, Scotland-based company has hired Jim Mair, a 30-year veteran of Royal Dutch Shell Plc (RDSA), as director of new business development to look at acquisition opportunities.
“We are growing, not only in terms of size, financial success, but also geographically,” Richards said.
Dana’s production rose 50 percent in 2011 to 61,970 barrels a day, driven by projects in the North Sea and Egypt, the company said in an annual results statement. Output will reach 64,000 barrels a day by the end of this year, Richards said.
Dana reported a 2011 profit after tax of $293 million, compared with a loss of $8.4 million a year earlier.
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