Dana Petroleum is set to replace chief executive Jongwoo Kim, who will return to the company’s state-backed parent group.
Aberdeen-headquartered Dana filed paperwork with the UK’s corporate registrar Companies House on August 24, in which it reported Mr Kim’s appointment on the company’s board had been terminated.
It is understood he will assume a new role within Dana’s parent group – the Korea National Oil Company (KNOC) – as part of a routine rotation of executives.
A successor is set to be formally named in the coming weeks, however further filings with the regulator note that Mansup Kim was added to the company’s list of directors on the same day.
In the meantime, Dana’s website indicates director of technology Jongweon Choi has been appointed to acting chief executive.
Jongwoo Kim joined KNOC in 1992 and has worked in many areas of the business including New Ventures, managing subsidiary companies, the oil tankage business and strategic petroleum stockpiling.
He was the seventh CEO since the state-owned group acquired Dana Petroleum in 2010, and assumed the role of chief executive almost exactly two years ago, in August 2020.
He took over from Yongwoo Kang, who joined in February 2019, and who also returned to KNOC to become a senior executive vice president for exploration and production.
Alongside operating two FPSOs in the UK North Sea, Dana also has interests in Egypt, the Netherlands and Denmark.
The company had average daily production of some 47,150 barrels of oil and gas per day in 2020.
In the North Sea, Mr Kim presided over first gas from the Dana-backed Tolmount scheme – a long-running field development and infrastructure project split 50/50 with operator Harbour Energy.
First production was finally confirmed in April 2022 after a series of delays, though a recent update from Harbour Energy suggests the field is now providing around 5% of the UK’s gas supply.
Dana also struck an innovative infrastructure deal with Kellas Midstream to jointly build and own the platform and export pipeline which brings gas from the field ashore.