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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.