Rosneft-Crescent JV to Develop UAE Gas Field

MOSCOW (Dow Jones Newswires), Aug. 23, 2010

Rosneft plans to invest $630 million in a joint project with Crescent Petroleum of the United Arab Emirates to develop a gas field in the emirate of Sharjah, the Ria Novosti reported Sunday, citing a top Russian official.

The two companies signed a strategic agreement in May to work on joint ventures in the Middle East and the North Africa region.

The Sharjah onshore concession holds around 70 billion cubic meters of gas and 16 million tons of gas condensate, Russian Deputy Prime Minister Igor Sechin said. Production is expected to start in 2013, he said.

Rosneft and Crescent will work together to develop the Sharjah onshore concession, which comprises 1,243 square kilometers and neighbors the prolific Sajaa gas field that has been in production since 1982.

Rosneft holds a 49% stake in the concession, with Crescent Petroleum holding 51%.

Copyright (c) 2010 Dow Jones & Company, Inc.

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