Rosneft and crescent tie up for UAE venture
Two companies join forces to seek natural gas in Sharjah.
June 5, 2010 10:49 by Samuel Potter
Russia’s largest oil producer OAO Rosneft and the UAE’s Crescent Petroleum are to begin a new joint exploration venture in the UAE, reports Bloomberg.
The two companies signed a contract today to begin drilling for gas in Sharjah. Gas produced from the Al Madam field will supply Sharjah and the northern emirates, says the report.
Last month the two companies signed a broad agreement to pursue opportunities in the Middle East, which contains 40 percent of the world’s gas reserves and 60 percent of its oil. The two companies will invest $60 million in two wells; if commercial quantities of gas are available they will form an operating company, says the report.
Rosneft is also developing a concession in Algeria and heavy oil fields in Venezuela. Two of its recent Kazakhstan wells failed to produce.
Crescent boasts operations in both the UAE and Iraq.
More on GCC
-
Bahrain’s Batelco CEO leaves with immediate effect
-
Arabtec Says Workers End Strike
-
First report by Etisalat covering global footprint
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
