Crescent Petroleum to expand into Iraq, Libya, Lebanon
- United Arab Emirates: Wednesday, November 14 - 2012 at 05:05
Sharjah-based Crescent Petroleum is set to expand into the Iraqi oil and gas sector and debut into Libya and Lebanon, Reuters has reported. "We are looking at entering Libya with the right opportunity. Other countries like Lebanon, despite plans being delayed, have been setting up regulations bodies in preparation. It's an area of potential interest," Crescent chief executive Majid Jafar said. The company plans to expand investment and production in Kurdistan and into other areas in Iraq given the country's under-explored state, he said. "There are only 2000-3000 wells drilled in the whole of Iraq so far compared to ten times as many in Saudi and 1 million wells in Texas alone," Jafar said.
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