The UAE's Crescent Petroleum has teamed up with Russia's state-run oil producer Rosneft to pursue oil and gas deals in the Middle East and North Africa (Mena), Crescent said in a statement yesterday.
Rosneft pumps more than a fifth of Russia's oil, and is the country's largest producer. Crescent is a privately-held energy firm based in Sharjah. The two would initially focus on opportunities in natural gas in the Gulf Co-operation Council (GCC) states, said Crescent Petroleum Executive Director Badr Jafar.
Crescent Petroleum and Rosneft Oil Company signed the co-operation agreement in Moscow. The agreement creates the framework for the joint pursuit of specific oil and gas exploration and development opportunities in the Middle East and North Africa.
Access to material and high quality new upstream projects will be facilitated by combining Rosneft's Russian petroleum industry experience, financial strength and technical capabilities alongside Crescent Petroleum's extensive international operating experience and unique access within the Mena region.
"We have already identified a number of robust opportunities, and we expect to be able to announce our first joint project in the Gulf region within the coming weeks," he said in a statement.