Ramco completes sale of interest in several Caspian fields

UK's Ramco Energy plc completed the sale of its 2.0825 percent interest in the Azeri, Chirag and Guneshli fields offshore Azerbaijan to three oil companies. Sale price totaled $150 million.  

Ramco agreed to sell its interest last July to Amerada Hess. But other field partners had pre-emption rights that allowed the other consortium members to match the offer made by Amerada Hess.  

Unocal acquired 0.2325 percent for $16,746,000. Devon Energy acquired 0.8087 percent for $58,250,000.  

Amerada Hess ended up acquiring 1.0413 percent for $75,004,000. The fields currently produce around 110,000 b/d of oil and could hold more than 4.75 billion barrels.  

(oilonline)  

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