Crescent signs agreement with Iraqi oil ministry
BY A STAFF REPORTER / 29 September 2005
DUBAI ó Crescent Petroleum of Sharjah yesterday signed a Memorandum of Understanding (MOU) with the Oil Exploration Company (OEC) of Iraq, a division of the Iraqi Ministry of Oil, one of the first agreements of its kind with an Arab oil company.
The agreement covers technical co-operation and training, and includes an exploration and appraisal study on an area assigned for Crescent by OEC in the Missan Province in southern Iraq. The initial cost of the study and its requirements is expected to exceed $1 million, to be fully funded by Crescent. It is anticipated by Crescent and the OEC that this MOU will be the first of several agreements to be reached between the two parties. The deal was signed at Crescent's Sharjah headquarters by Honer Nazhat the director-general of OEC, and Paul Keighley, GM, Crescent Petroleum.