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UK independent oil company Ramco made a record 40.8mn [pounds sterling] ($58.5mn) profit in 2000. It reaped the benefits of its pioneering efforts in the Caspian by selling its 2pc stake in Azerbaijan's Azeri-Chirag-Guneshli field for 101mn [pounds sterling] (FSUE, 21 July, p5).
The company plans to concentrate part of its earnings on drilling at sites in central and eastern Europe, hoping to offset the write-off of 16.2mn [pounds sterling] following its recent abandonment of the onshore Muradkhanli field in Azerbaijan. Technical and geological problems prevented Ramco tapping into estimated oil reserves of 5bn bl. (FSUE, 27 October, p7).
It plans to focus …