OAO Rosneft, Russia’s largest oil producer, and Crescent Petroleum have signed a contract to drill gas in Sharjah in their first joint exploration venture.
The companies last month made a broad agreement to pursue opportunities in the Middle East, which contains 60 per cent of global crude reserves and 40 per cent of global natural gas. Gas from today’s agreement on the Al Madam field would supply Sharjah and northern United Arab Emirates, where Crescent is based.
The deal adds to an international expansion by the Moscow-based company, which is also developing a concession in Algeria and helping with fields of heavy oil in Venezuela. Rosneft’s Chairman Igor Sechin said today the company would also consider cooperation with Crescent in Iraq.
