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Concept
Crescent Petroleum
Résumé
Crescent Petroleum is the first and largest private upstream oil and gas company in the Middle East. Founded in 1971, Crescent Petroleum is headquartered in the Emirate of Sharjah, United Arab Emirates (UAE), with current operations in both the UAE and the Kurdistan Region of Iraq (KRI). As of 2023, Crescent Petroleum and the Iraqi Ministry of Oil have signed three twenty-year contracts as the company focus it efforts in aiding the redevelopment of Iraq.
Crescent Petroleum is also the founding and largest shareholder in Dana Gas, the first and largest publicly listed private-sector natural gas company in the Middle East.
The company is a subsidiary of Crescent Group, a diversified family business that includes Crescent Enterprises, a multinational company headquartered in the UAE, as the other main subsidiary. Crescent Petroleum's chairperson and founder is, Iraqi businessman Hamid Jafar its CEO is Majid Jafar.
Crescent Petroleum's emergence is linked to its offshore discoveries in the Mubarek field in 1972. In 1969, the UAE government granted the Mubarek field to concessionaire Buttes Gas & Oil Co. International Inc., a wholly owned subsidiary of Crescent Petroleum.
Setting the world record at the time, Crescent Petroleum had the Mubarek field in full production within 13 months from the discovery of the confirmation well, at a rate of over 60,000 barrels of oil per day. The project brought Sharjah into international recognition.
Crescent Petroleum's first international venture was in 1973, when it was granted the exploration rights for Block 1, an offshore area in present-day Montenegro, which was then part of Yugoslavia. It was followed in 1981 by concessions for a block in the San Jorge Basin of Argentina. In 1979, Crescent Petroleum discovered the Zora gas field—currently owned and operated by Dana Gas—off the coast of the United Arab Emirates.
In 1986, Crescent Petroleum obtained exploration concessions for blocks in the Potwar Basin in Pakistan, later forming a joint-venture with Amoco (today BP), which was held through to 1990.
Source officielle
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