Hamid Jafar
Chairman
For half a century Crescent Petroleum has built a reputation for being a pioneering energy company willing to tackle new challenges and working in partnership to unlock the hidden value of the region’s natural resources for common good.
Today we are the region’s oldest and largest privately held upstream operator with current operations in Iraq and the United Arab Emirates (UAE), and with significant interests in Egypt.
Our journey is inextricably linked to our initial offshore discoveries in the Mubarek Field in 1972, a landmark project that catapulted both Crescent Petroleum and Sharjah onto the international oil and gas scene. While Abu Dhabi and Dubai discovered oil in 1958 and 1966 respectively, Sharjah’s production commenced in 1974, following our discoveries. Crescent Petroleum brought the Mubarek Field to full production within 13 months of its discovery, producing over 60,000 barrels per day.
That proved just the first of numerous other projects with tremendous impact on the communities where we live and work. In April 2007, Crescent Petroleum, together with Dana Gas, entered into an agreement with the KRG for exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the KRI. Production from a newly built plant at Khor Mor began 15 months later, in October 2008, another industry record, reinforcing our reputation as an innovative and pioneering energy company.
Today, as we look to expand production at Khor Mor by 50%, and eventually, to double production there, we take great pride in the tremendous value being created, underpinning the KRI economy and enabling significantly improved services.
Beyond our interests in the oil and gas sector, Crescent Group, through its other subsidiary Crescent Enterprises also operates across a diverse range of sustainable businesses in the fields of ports and logistics, power and engineering, business aviation, healthcare, private equity and business incubation. We remain proud to have played a meaningful role in the development of Sharjah by unlocking the immense value of the Mubarek field, fueling tremendous growth in the emirate’s economy. We also take pride in the economic and environmental impact our efforts in natural gas have had on the region and the world.
We look back with pride at the accomplishments we have made and, more important, reflect with gratitude to the employees and partners who have enabled us to realise those accomplishments. Crescent’s people allow us to continue to thrive and progress, and will become even more critical to our progress in the years ahead.
