Rosneft and Crescent Petroleum JV to drill for gas in Sharjah

23 August 2010

Russian deputy prime minister Igor Sechin has said that the country's largest oil company, Rosneft is set to invest $630m in a joint venture with the UAE's Crescent Petroleum to drill for gas in Sharjah in the UAE, Reuters has reported. The state-run oil company joined Crescent in a gas concession in May in Sharjah and will hold 49% of the project. Sechin, who chairs Rosneft's board, said the partners aimed to start production in 2013 at the field, which is estimated to contain 70 billion cubic metres of gas and 16 million metric tonnes of gas condensate.

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