Crescent, Rosneft sign cooperation pact

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.

By OGJ editors
HOUSTON, May 21
-- 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.

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