SeaEnergy (SEA)
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Persistent And Courageous...
- Independent Scottish energy company engaged in the acquisition, exploration, development and production of oil and natural gas reserves. It is headquartered at Westhill in Aberdeenshire.
- Ramco made its name in the 1990s with a stake in the huge ACG fields in Azerbaijan, where it was one of the first Western players to invest following the break up of the Soviet Union. However, Ramco suffered after it reinvested the proceeds from the sale of its ACG stake in the Seven Heads project in the Celtic Sea. Output plunged soon after the field went onstream. In May 2006, the company was on the brink of administration in connection with a legal dispute in the US, which it eventually won.
- Nowadays, the company principally operates in Ireland and Montenegro. Further, the company is analyzing exploration and oil services opportunities in Iraq.
- During 2007, the company formed a new subsidiary named SeaEnergy Renewables Limited. Through this subsidiary, the company will focus on developing, owning and operating large-scale offshore wind farms world wide
- Recently confirmed a joint venture in which it is involved has secured a major project to enter Iraq. The Mesopotamia Petroleum (MPC) venture it founded with drilling specialist Peter Redman has been appointed to drill 60 wells annually with the Iraqi Drilling Company. This is the first joint venture agreed between the Iraqi oil ministry and a foreign oil services company since the fall of Saddam Hussein in 2003. Asked why the British firm was chosen, Idrees as-Yassiri, the head of the state-owned drilling company, said: "They were the most persistent. And they were most courageous, willing to come to Iraq while other companies are still hesitating. They most deserved to be given the job.
