Dove Energy Group Establishes International Headquarters at DIFCPress Release 18 Feb 2009 01:24 pm
Dove Energy Group (DEG), a new independent oil and gas producing company, announced today that it has received a license to establish its global headquarters at the Dubai International Financial Centre (DIFC).
Dove Energy Group (DEG) has chosen to locate in Dubai so that it can base itself at the hub of the region where a majority of the world's remaining oil and gas reserves lie. Dubai also provides a platform for DEG to expand its activities throughout the Middle East and North Africa region. Further more DIFC's international common-law framework will provide the Dove Energy Group with the legal security and certainty necessary to run its international operations
Welcoming the company to DIFC, Abdulla Al Awar, Managing Director of DIFC Authority said: "The establishment of Dove Energy Group's international headquarters here reflects the Dubai International Financial Centre's growing global profile as a leading international business hub. As the primary gateway for capital and investment in the region, DIFC will give Dove Energy Group the perfect platform to grow its business and develop key relationships in the region. We look forward to providing Dove Energy Group with the support necessary to establish its international headquarters."
Apart from the Group headquarters in DIFC, Dove Energy Group DEG will ultimately control two other entities - Dove Energy Limited, a 100%-owned UK subsidiary; and Dove Energy Inc, a 100%-owned British Virgin Island subsidiary.
The Group's Chief Executive Officer (CEO), Mr. Philip Maxwell, explained that DEG is an opportunistic investor in both oil and gas exploration, producing assets that have the potential to create long-term value through appropriate investment in technology, good operational management, and efficiency improvements. DEG has a track record of cost-effective oil production in Yemen, and of developing good relationships with local partners in each country in which it invests. Its team in DIFC will provide active oversight of new opportunities critical to long-term value creation, together with strategic and operational guidance to Group companies operating individual oil production assets.
Maxwell continued, DIFC's laws, which have been created by incorporating best practices from jurisdictions across the world, offer a high degree of protection and ease of operations for global companies.
From its DIFC office, Dove Energy Group DEG aims to expand its oil and gas production investments in the Middle East, North Africa and Caspian regions. The Group will actively seek participation of stakeholders from this region. It will also employ specialist local staff and establish alliances with local partners and service contractors in the countries in which it invests.