Rosneft owns a 49% interest in the project, and Crescent Petroleum - 51%. The initial investment of about US $ 60 million will go to drill the first two wells, with a depth of up to 2.5 thousand meters. Rosneft’s entry into the project is the result of a fundamental agreement on a strategic partnership between a Russian company and Crescent Petroleum dated May 19, 2010.
According to the law of the United Arab Emirates, the right to participate in a Russian company in developing a field and owning a stake in the project must be approved by the ruler of Sharjah. The ceremony, during which the announcement was made that the ruler of Sharjah approved of Russian participation, was attended by: Igor Sechin, Deputy Prime Minister of Russia and Chairman of the Board of Directors of Rosneft, Sheikh Sultan bin Muhammad al-Qasimi, Ruler of Sharjah and member of the Supreme Council of the UAE, Sergey Shmatko, Minister of Energy of Russia, and Muhammad al-Hamili, Minister of Energy of the UAE.
If a gas and gas condensate field is discovered as a result of drilling, the grounds for announcing a commercial discovery will be obtained and the parties will create a joint company for further development of the field. Gas produced under the concession will be processed and delivered to end consumers in Sharjah and the Northern Emirates, as well as exported.
