Crescent Petroleum signs major deal in Sharjah
Posted: 26 February 2008
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UAE-based Crescent Petroleum has signed an exploration and production agreement with its home state - the government of Sharjah, the company has announced.
H.H. Sheikh Dr. Sultan bin Mohamed Al-Qassimi, member of the Supreme Council, Ruler of Sharjah signed the exploration rights with Hamid Jafar, the Chairman of the Crescent Petroleum.
The major area covered in the agreement covers 1,250 square kilometres, to the south and south east of the major Sajaa field in the emirate of Sharjah, and borders all other six Emirates in the United Arab Emirates as well as Oman.
The Sharjah-based upstream company is expected to commence work on the concession immediately. The 25-year agreement provides for an initial exploration period of seismic surveys and drilling of exploration wells, to be followed by full development operations within the concession area.
“Crescent Petroleum is a valued company that has operated very successfully for the past four decades, and we look forward to equally successful operations in this promising onshore concession,” Sheikh Ahmed Bin Sultan Al-Qassimi said.
“We are very proud of the fruitful cooperation we have had with the Emirate of Sharjah over the past forty years, and look forward to successful operations in this new concession, and to continue being of service to the region,” Hamid Jafar added.
Crescent Petroleum has been operating as a regional upstream oil and gas company for more than thirty-six years. It began its activities in the early 1970's and was the first regional, independent, private petroleum resource company to engage in the acquisition, exploration and development of petroleum concessions, as well as the production and sale of crude oil, petroleum products and natural gas.
By the end of the 1980's it held concessions in Argentina, Canada, Montenegro, France, Tunisia and the United Arab Emirates and in the 1990's it added to these with concessions in Egypt, Pakistan and Yemen. Crescent is currently also developing two major gas fields in Northern Iraq with its associate company Dana Gas PJSC.
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