Dana Petroleum chief executive Marcus Richards is to quit the company, it has been confirmed.
Richards, who has been chief executive since 2010, will leave with immediate effect. No reason for his departure has been given by the company.
He joined the company from retirement in the wake of the company’s takeover by Korea’s National Oil Company in 2010, overseeing its rapid progress to a significant player in the North Sea, Europe, Africa and the Middle East.
The company’s output has increased in that time to 55,000 barrels of oil equivalent per day, with a further 40,000 boed due once the £1billion Western Isles project launches in 2015.
Graham Scotton, currently the company’s chief operation officer, will take over as acting chief executive.
Industry veteran Scotton, who joined earlier this year from Cobalt International, had previously been with BP and BG Group.
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