The company has signed an agreement with the parent company of Sky Petroleum, a US oil exploration company, who will participate with Crescent in the additional development programme.
Under the terms of the agreement, Sky Petroleum will initially provide financing for two infill wells amounting to US$ 25 million with a further option to participate in the financing of additional wells. Crescent has been operating the Mubarek Field since 1971.
"Drilling is expected to commence in early 2006 with the first well to be on production in the second quarter of the year", said Mr. Paul Keighley, Crescent's General Manager for Operations. "The planned work programme is part of Crescent's overall business strategy of maximizing the value of the oil and gas reserve base, by taking advantage of the higher current oil prices and the latest advancements in technology."
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Crescent signs deal for new Sharjah oil wells
- United Arab Emirates: Sunday, May 22 - 2005 at 15:41
- PRESS RELEASE
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Crescent Petroleum of Sharjah is planning to drill at least two new infill wells in the coming year to boost the production from the Mubarek oil and gas field, located offshore of Sharjah.
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Posted by Lara Lynn Golden, News EditorSunday, May 22 - 2005 at 15:41 UAE local time (GMT+4)
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This article was updated on Sun May 06 2007.
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Crescent Petroleum Co.
United Arab Emirates
Phone: 971 6 5727000
Fax: 971 6 5726000
United Arab Emirates
Phone: 971 6 5727000
Fax: 971 6 5726000
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