Crescent Petroleum in Sharjah exploration deal
Posted: 25 February 2008
HH Sheikh Dr Sultan bin Mohamed Al-Qassimi, Supreme Council Member and Ruler of Sharjah, signed on Sunday an exploration and production agreement with Hamid Jafar, Chairman of the Crescent Petroleum Co.
"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," said Sheikh Ahmed Bin Sultan Al-Qassimi.
The land area covered in the agreement is 1,250 square kilometres, to the South and Southeast of the major Sajaa field in the Emirate of Sharjah, and bordering all other six Emirates in the UAE as well as Oman.
The ceremony was attended by HH Sheikh Ahmed Bin Sultan Al-Qassimi, Deputy Ruler and Chairman of the Sharjah Petroleum Council, Sheikh Sultan Bin Ahmed bin Sultan Al-Qassimi, Deputy Chairman of the Sharjah Petroleum Council, Badr Hamid Jafar, Executive Director of Crescent Petroleum, and Abdullah Al-Qadi, Upstream Director of Crescent Petroleum.
Crescent Petroleum 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.
"We are very proud of the fruitful cooperation we have had with the Emirate of Sharjah over the past 40 years, and look forward to successful operations in this new concession, and to continue being of service to the region," said Hamid Jafar.
Crescent Petroleum has been operating as a regional upstream oil and gas company for more than 36 years. It began its activities in the early 1970s 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 1980s it held concessions in Argentina, Canada, Montenegro, France, Tunisia and the United Arab Emirates and in the 1990s 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.