Crescent signs agreement with Iraqi Oil Ministry

The agreement covers technical co-operation and training, and includes an exploration and appraisal study on an area assigned for Crescent by OEC in the Missan Province in southern Iraq. The initial cost of the study and its requirements is expected to exceed $1 million, to be fully funded by Crescent. It is anticipated by Crescent and the OEC that this MOU will be the first of several agreements to be reached between the two parties.

The agreement was signed at Crescent's Sharjah headquarters by Mr. Honer Nazhat the Director-General of OEC, and Mr. Paul Keighley, the General Manager of Crescent Petroleum. Also present at the signature were the Head of the Contracts and Agreements Department at the OEC, the General Manager of Crescent's Baghdad Office, and other company executives.

"We are very pleased to be expanding our relationship with Crescent, a relationship which goes back many years. We hope this agreement will open many new avenues for enhanced cooperation between the two sides," said the Mr. Honer Nazhat Director-General of Iraq's OEC.

Crescent has already carried out detailed studies on other areas in Iraq, notably the Ratawi oil-field in Southern Iraq where the company has also undertaken detailed negotiations for a $1billion field development programme. Crescent has also been engaged in the training of personnel from the Iraqi Ministry of Oil and its affiliate companies, for the strengthening of ties and the sharing of knowledge, and this has been well received by the Ministry.

"Crescent Petroleum has had a continuous presence in Baghdad for the past 15 years. No other oil company has had such a presence and indeed Crescent is the only international oil company to maintain an operational office in Baghdad at this time," said Mr. Paul Keighley. "The company is fully committed to the development of opportunities in Iraq to support the redevelopment of the country."

Crescent Petroleum has been operating as an upstream oil and gas company in the Emirate of Sharjah and the Middle East for thirty five years.