Dana Petroleum lays keel for $400 million oil production vessel
Aberdeen-based Dana Petroleum has laid the keel for a new $400 million oil production vessel which will produce and store up to 40,000 barrels of oil a day from the North Sea by 2015, said in the company's press release.
The keel laying of the floating, production, storage and offloading vessel (FPSO) marks a major milestone for Dana’s Western Isles project.
Dana and its partner Cieco are investing $1.6 billion in a nine-well development of two oil fields called Harris and Barra in the Northern North Sea, 160km east of the Shetlands and 12km west of the Tern field.
Dana’s Group Chief Executive Marcus Richards said: “This is a major milestone for Dana and the Western Isles project. We aim to significantly grow our production over the next five years and this project is vital to helping us achieve that goal.”
The vessel will displace around 26,000 tonnes and can safely store up to 400,000 barrels of oil. The hull and topsides of the FPSO are being constructed in China. The project has around 70 per cent UK content overall. The vessel will then be transported to the North Sea where it will begin operations in late 2015.
About Dana Petroleum plc
Dana Petroleum plc, a wholly owned subsidiary of the Korea National Oil Corporation (KNOC), is an international oil and gas business with operations in the UK, Egypt, Norway, the Netherlands and Africa, producing 60,000 barrels of oil a day. Dana’s ambition is to become a leading international oil and gas company operating in Europe, Africa and the Middle East and aims to grow production significantly by investing up to $5 billion over the next five years to increase the size of the company and create value for our shareholder.