Crescent, Rosneft sign cooperation pact

By OGJ editors
-- Crescent Petroleum of Sharjah and Rosneft Oil Co. of Russia have signed a strategic cooperation agreement covering oil and gas exploration and development in the Middle East and Africa.

The companies didn’t specify projects they intend jointly to pursue.

In separate statements, both said: “Access to material and high quality new upstream projects will be facilitated by combining Rosneft’s Russian petroleum industry experience, financial strength, and technical capabilities alongside Crescent Petroleum’s extensive international operating experience and unique access within the Middle East and North Africa region.”

Omar Ghobash, United Arab Emirates ambassador to Russia, said at a signing ceremony that the agreement followed 18 months of “high-level” contacts between the UAE and Russia.

Crescent is a private company that operates Mubarek oil and field off Sharjah through a subsidiary, Buttes Gas & Oil Co. International Inc. Mubarek, currently under redevelopment, has produced more than 100 million bbl of oil and condensate and 300 bscf of natural gas since start-up in 1974.

Crescent was a founder and owns about 21% of Dana Gas PJSC, Sharjah, and holds exploration and production interests in several countries, including Iraq.

Rosneft, 75% owned by the Russian government, holds reserves of 22.3 billion boe and in 2008 produced an average of 2.12 million b/d of oil, mostly in Russia. It also holds interests in Kazakhstan and Algeria.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs