News

July 08, 2008

Ramco Energy’s Diversification Into OffShore Wind Could Prove Very Timely Indeed

By Ivor Watt

For several years now oil majors such as Shell and BP have paid lip service to alternative energy through subsidiaries that invested in green technologies. But the minor exploration and production companies have steered clear, until now. It seems odd that an oil and gas player at the smaller end of the scale would consider branching out into capital-intensive renewables when the oil price is at a record high but Ramco Energy, previously an explorer in the North and Irish Seas with a somewhat chequered history, recently signalled its intention to developed a wind power arm.

In early June Ramco announced the formation of a new subsidiary, SeaEnergy Renewables. Ramco holds an 88 per cent interest with founding management holding the rest. Ramco is leveraging the SeaEnergy team’s offshore oil and gas production experience to develop offshore wind farms. SeaEnergy already has a track record in this field, having recently completed the Beatrice wind farm for Talisman Energy and Scottish and Southern, and Ramco is hoping it can help make up for the inevitable future...