UAE-based private oil firm, Crescent Petroleum Co and Russia's Rosneft Oil Co have signed a farm-out agreement for the Sharjah Onshore Concession. The two firms will work together to develop the Sharjah Onshore Concession which neighbours the prolific Sajaa gas field in production since 1982. Crescent will hold 51% of the participating interest in the concession, while Rosneft will hold the remaining 49%. The current agreed investment plan of approximately $60m will be used for initial exploration activities including the drilling of two wells to an approximate depth of 14,800 feet.