Ramco seeking Gunashli compensation

Offshore staff

ABERDEEN -- Ramco Energy is pursuing a claim against the Azerbaijan State Oil Co. relating to rights connected to the Shallow Water Gunashli field in the Caspian Sea.

Both sides are compiling a written case, with a hearing before an arbitration tribunal scheduled later this year in Stockholm.

In Europe, Ramco has interests in two companies involved in offshore exploration. One of these, Lansdowne, was recently awarded the Lee licensing option in the North Celtic Sea basin off southern Ireland.

With Petronas subsidiary Star Energy now in charge of the nearby Kinsale Head platforms and gas terminal (formerly operated by Marathon), Ramco expects exploration activity in the area to increase, with Lansdowne as one of the main player.

In the UK North Sea, Eagle acquired numerous royalty interests in 2008, with drilling discoveries following on two of the blocks. Ramco says the oil price fall has halted further work on the blocks, but it expects development to go forward eventually as the market recovers.

06/09/2009