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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.
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