Dana Petroleum has a new boss at the helm after the sudden departure of chief executive Marcus Richards.
The Aberdeen oil firm said yesterday it had appointed chief operating officer Graham Scotton as acting CEO, with immediate effect.
A spokesman for the company said Mr Richards, who had led Dana since March 2011, had “gone off to pursue new opportunities”. He added: “Marcus decided this was the right time to move on. We wish him every success.”
The spokesman was unable to give any more details and Mr Richards, who lives in Banchory, could not be contacted.
Dana said Mr Richards’ “very successful” spell as CEO coincided with a transformation of the business under South Korean ownership. It had been changed from an investor-led business into a fully-fledged exploration and production company operating in Europe, Africa and the Middle East, the firm added.
Dana said oil production had increased to 55,000 barrels per day, boosting revenue and profits, while more than 150 people had joined the company during Mr Richards’ time.
It added “The growth strategy launched in 2011 has led to exploration and appraisal successes in the UK, Netherlands and Egypt, which have created opportunities for future developments. Dana has also shifted its focus from a largely non-operated portfolio towards more operated positions.”
Mr Richards’ departure comes just over a week after one of its bosses – chief strategy officer Ohkyeu Baek – said the company was proving to be a lucrative asset for its owner, Korea National Oil Corporation (KNOC).
Dana was acquired by KNOC through a £1.7billion hostile takeover in late 2010, since when oil production at the company has jumped by 25%.
The firm’s £1billion Western Isles development project is expected to provide an additional 40,000 barrels of daily production from 2015.