Crescent Petroleum
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| Industry | Oil and Gas |
|---|---|
| Founded | 1971 |
| Headquarters | Sharjah, United Arab Emirates |
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Key people
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Hamid Jafar (Group Chairman) Majid Jafar (Chief Executive Officer) Badr Jafar (President) |
| Services | Oil and gas exploration, production, and transport |
| Website | www.crescentpetroleum.com |
Crescent Petroleum is the oldest 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. Since its foundation, the company has grown from a small, Sharjah-based firm to a regional leader. 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.
Crescent Petroleum has current operations in Iraq and the United Arab Emirates (UAE), and interests in Egypt through its affiliate Dana Gas. Crescent's growth is linked to its offshore discoveries in the Mubarek Field in 1972. The project brought both Crescent Petroleum and Sharjah into international recognition. Setting the world record at the time, Crescent Petroleum had the Mubarek Field in full production within 13 months of its discovery, at a rate of over 60,000 barrels per day.
Crescent Petroleum retains two exploration projects in the Emirate of Sharjah — the Sharjah Onshore Concession, which it holds since 2008, and an offshore concession in Sir Abu Nu'ayr, a salt piercement structure off the coast of Abu Dhabi.
Beyond its activities in the oil and gas sector, Crescent is also involved in social investment programs that support arts and culture in the Emirate of Sharjah. In particular, Crescent has been supporting the American University of Sharjah (AUS) from the early stages of its foundation.
Crescent Petroleum's first international venture outside of the UAE began in 1973, when it was granted the exploration rights for Block 1, an offshore area in present-day Montenegro (then part of Yugoslavia). This was followed in 1981 by concessions for a 232 square kilometres (90 sq mi) block in the San Jorge Basin of Argentina. During the 1980s and 1990s, Crescent secured additional concessions in Canada, France, Tunisia, Egypt, Pakistan, and Yemen. During the downturn in the energy sector in the 1990s, Crescent made the decision to divest from its international positions and refocus attention within the Middle East and North Africa region.
Crescent Petroleum's current major operations are in the UAE and in Iraq's Kurdistan Region, where along with its affiliate Dana Gas, it is the largest private investor in the local energy sector, having invested over USD 1.1 billion and producing over 9,350,000 cubic metres (330,000,000 cu ft) of gas and 14,000 barrels of condensate per day. It supplies power to the main cities of Iraq's Kurdistan region.
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Wikipedia