NORTH-EAST renewable-energy firm SeaEnergy said yesterday it had settled a long-running dispute with the state oil company of Azerbaijan over rights in the Caspian Sea.
SeaEnergy said the Azeris had paid it £3million in exchange for the Westhill-based firm relinquishing any rights arising from their former collaboration. The row went back to the early 1990s, when Ramco Energy – now Sea Energy – negotiated rights with the Azeri authorities to the Shallow Water Guneshli oil field.
Announcing an end to the protracted dispute, Sea Energy said that the move signalled its withdrawal from oil and gas projects in the Caspian region.
It added: “No further sum is due by either party to the other.”
SeaEnergy said it would use the cash for the further development of its SeaEnergy Renewables (SER) business and for general working capital. Meanwhile, SER has secured a 25% interest in two joint ventures to develop offshore windfarms in the UK with a capacity of more than 1,800 megawatts with partners Airtricity and npower.
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