We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

Dana Petroleum’s £1bn development approved


Investment drive to target Harris and Barra North Sea fields

Article comments

Oil firm Dana Petroleum has been granted approval to develop the Harris and Barra North Sea fields.

In a statement on Monday, the company said it would invest £1 billion towards the development of nine wells in Harris and Barra fields. It added that the fields could contain recoverable oil reserves of over 45 million barrels.

Marcus Richards, chief executive of Dana Petroleum, said, "This undertaking is at the heart of our growth strategy. Unlocking the potential of these new fields is a significant milestone as we aim to double our production to 100,000 barrels a day by 2016."

Richards said the investment was made possible by UK Chancellor George Osborne's move this year to "support" oil and gas companies operating in the North Sea. Dana Petroleum expects production to commence in 2015.

A spokesperson for the UK Treasury said, "The North Sea is a vital national asset, with oil and gas production supporting a third of a million jobs. That is why this Government has announced a range of tax measures expected to generate billions of new investment and create jobs. Dana Petroleum's announcement is a further endorsement of that strategy."

Share:

Recommended Articles

Comments

Dana Petroleum’s £1bn development approved
Financial Planning

Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unansweredmore ..


Ryanair reports 157% profits leap and raises forecast

Total revenues rose 11% to €1.49 billion, the airline reported on Monday.more ..

Apple will 'set the world on fire' with iPhone 6 sales

Analysts anticipate an 'unbelievably massive' second half of '14 for a new, larger-screen iPhone, in part because Apple's committed a record $21B for components, tooling and manufacturingmore ..

Apple posts 5% rise in revenues to $37.4bn

CFO Luca Maestri said Apple had beaten the PC industry average in 32 of the last 33 quartersmore ..

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *