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Tuesday, 07 October, 2008, 19:40 GMT | more prices >>

Dana toasts open taps



By Upstream staff 

UK-based Dana Petroleum said it expected to have produced a record average 30,500 barrels of oil equivalent per day in 2007, bumping up to an exit rate of 45,000 boepd on 31 December.

The North Sea and Egypt player said in an operational update that its proved and probable reserves rose to 165.8 million barrels of oil equivalent at the end of the year, giving it a reserves replacement figure of 316%,

The company is currently producing from 30 fields in the UK, Norway, the Netherlands and Egypt, it said, following successful takeovers of Devon Energy’s Egyptian operations and Ener Petroleum’s interests in the Netherlands in the course of last year.

It also pre-qualified as an operator on the Norwegian shelf and was awarded seven blocks in the country’s 2007 APA licensing round.

Dana said it expected to produce an average of between 40,000 and 45,000 boepd during 2008, representing a 30% year-on-year rise in output. Daily production has averaged about 48,000 so far this year, it said.

The company said it planned to invest about £200 million ($397.6 million) in its existing fields and licences this year, and would drill a total of 17 exploration wells, for which 14 rigs had already been contracted.

It was also preparing to bid in forthcoming UK and Egyptian rounds, it said in the release.

Dana will release its full-year results in April, it said.


Thursday, 28 February, 2008, 07:53 GMT  | last updated: Thursday, 28 February, 2008, 09:50 GMT

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