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FINANCIAL NEWS
UAE’s Crescent Petroleum plans to access Libya, Lebanon
13 Nov 2012
(MENAFN) Sharjah-based Crescent Petroleum said it is set to expand operations in Iraqi oil and gas sector and is ready to access Libya and Lebanon, Reuters reported.
CEO Majid Jafar said that only 2000-3000 wells were drilled in the whole of Iraq so far compared to ten times as many in Saudi and 1 million wells in Texas alone.
Arab governments are seeking to meet the urgent needs for job creation and economic diversification in the wake of the Arab Spring, and regional oil and gas producing companies are flirting with new governments to set up ventures and take over concessions left behind by international companies.
The company is focused on operations in the UAE, Iraq’s Kurdistan region and Egypt. Crescent plans to expand investment and production in Kurdistan and into other under-explored areas in Iraq.
Crescent owns a fifth of Dana Gas, the regional gas producer whose USD920 million sukuk is being restructured.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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