Crescent and Rosneft invest Dh200 million in Sharjah oil wells

Sharjah: The Sharjah-based Crescent Petroleum and Russian oil giant Rosneft on Saturday signed an agreement to invest an initial Dh220 million in developing two oil wells on the Sharjah Onshore Concession.

Under the terms of the farm-out agreement, the two companies will develop the 1,243 sq km area that is adjacent to the prolific Sajaa gas field.