Sharjah inks exploration deal with Crescent

Sharjah: His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, yesterday signed an exploration and production agreement with Hamid Jafar, chairman of Crescent Petroleum.

The major area covered in the agreement is 1,250 square kilometres to the south and south east of the major Sajaa field in Sharjah.

Crescent Petroleum is expected to commence work on the project immediately. The 25-year agreement provides for an initial exploration period of seismic surveys and drilling of exploration wells, to be followed by full development operations.

The ceremony was attended by Shaikh Ahmad Bin Sultan Al Qasimi, Sharjah's Deputy Ruler and chairman of the Sharjah Petroleum Council, Shaikh Sultan Bin Ahmad bin Sultan Al Qasimi, Deputy Chairman of the Sharjah Petroleum Council.