Crescent Petroleum
A privately held Middle Eastern upstream oil and gas company founded in Sharjah in 1971.
Last updated November 4, 2026
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Overview
Crescent Petroleum is a privately held upstream oil and gas company headquartered in Sharjah, United Arab Emirates. Founded by Hamid Jafar in 1971, it developed from an early Sharjah-focused exploration business into an international petroleum company with a long record of concession acquisition, field development, technical operations, gas infrastructure, and regional energy investment. The company is associated with Crescent Group, a diversified family business whose other principal operating company is Crescent Enterprises. The company’s early history is closely connected with the Mubarek offshore field in Sharjah. Exploration and development activity followed a concession granted in 1969 to Buttes Gas & Oil Co. International Inc., a wholly owned Crescent Petroleum subsidiary. After seismic work began in 1971, the Mubarek discovery was brought into full production within 13 months of the confirmation well, at a reported rate of more than 60,000 barrels of oil per day. The development helped establish Sharjah as an oil-producing emirate and gave Crescent Petroleum an early position in the regional upstream sector. Crescent also discovered the offshore Zora gas field in 1979; the field was later owned and operated by Dana Gas. During the 1970s, 1980s, and 1990s, Crescent Petroleum expanded beyond the UAE. Its international exploration portfolio included an offshore block in what is now Montenegro, acreage in Argentina’s San Jorge Basin, and concessions or interests in Pakistan, Canada, France, Tunisia, Egypt, and Yemen. In Pakistan, the company later formed a joint venture with Amoco, now part of BP. The prolonged downturn in the energy sector during the 1990s led Crescent to divest a number of international positions and concentrate more strongly on the Middle East and North Africa. Crescent’s business subsequently became increasingly oriented toward natural gas and regional energy infrastructure. It provided technical services for Oman’s offshore Bukha field and operated or supported concessions in several northern emirates of the UAE. In 2005, Crescent Petroleum became the founding and largest shareholder of Dana Gas, which was established as a publicly listed regional natural gas company. Dana Gas later became an important vehicle for Crescent-related investments in gas production and processing, including operations in Egypt and the Kurdistan Region of Iraq. A major part of the company’s current regional profile comes from its participation in Pearl Petroleum, an equal joint venture between Crescent Petroleum and Dana Gas. Pearl develops the Khor Mor and Chemchemal gas fields in the Kurdistan Region of Iraq, with Crescent and Dana acting as the original operating partners. The project supplies gas to power-generation facilities and local industry, and includes gas processing, LPG production, pipelines, and field-development infrastructure. OMV, MOL, and RWE subsequently joined the consortium with minority interests. Gas deliveries to the Erbil power station began in 2008, and the project has undergone debottlenecking and expansion work. Crescent also maintains a long-running relationship with Iraq’s energy sector. It has operated in or maintained a presence in Iraq for decades, with offices in Baghdad, Erbil, and Sulaymaniyah. The company has pursued technical cooperation with Iraq’s Ministry of Oil, including personnel training and field appraisal work, and in 2018 was awarded three oil and gas concessions during Iraq’s fifth bidding round: Gilabat-Qumar, Khashim Ahmer-Injana, and Khidhr Al Mai. In 2023, Crescent Petroleum and Iraq’s Ministry of Oil signed three twenty-year contracts connected with the redevelopment of Iraqi fields. In the UAE, the company has also worked on exploration and gas-supply projects. Its activities have included seismic and geophysical studies around the Sir Abu Nu'ayr concession and the development of inter-emirate gas-supply arrangements. A planned gas-supply project involving Iranian gas led to a long-running contractual dispute with the National Iranian Oil Company after contracted deliveries did not begin. An international tribunal ruled in 2014 that the agreement was valid and that NIOC had breached its delivery obligations; Crescent has pursued damages through arbitration. Crescent Petroleum’s present identity is therefore that of a private, regionally rooted upstream company with interests spanning oil and gas exploration, field development, gas production, processing, technical services, and energy infrastructure. Its most visible operating exposure is in the UAE and the Kurdistan Region of Iraq, while its wider regional footprint is also linked to Dana Gas and the Crescent Group.
History
Crescent Petroleum’s origins lie in the early development of Sharjah’s offshore petroleum resources. In 1969, a concession for the Mubarek field was granted to Buttes Gas & Oil Co. International Inc., a wholly owned subsidiary of Crescent Petroleum. Offshore seismic work began in 1971, the same year Crescent Petroleum was founded. Following the confirmation well, the Mubarek field reached full production within 13 months at a reported rate exceeding 60,000 barrels per day. The development gave Sharjah international recognition as an oil-producing area and established Crescent as one of the region’s earliest private upstream companies. The company pursued further UAE exploration during the 1970s. In 1973, it obtained exploration rights for an offshore block in what is now Montenegro, then part of Yugoslavia. In 1979, it discovered the Zora gas field off the UAE coast. Zora later became associated with Dana Gas, the regional natural gas company founded with Crescent Petroleum as its founding and largest shareholder. Crescent expanded its international portfolio during the 1980s and 1990s. In 1981, it secured a concession covering part of Argentina’s San Jorge Basin. In 1986, it obtained exploration concessions in Pakistan’s Potwar Basin and subsequently formed a joint venture with Amoco, now part of BP. Additional positions were acquired in Canada, France, Tunisia, Egypt, and Yemen. The energy-sector downturn of the 1990s prompted a strategic retreat from many overseas positions. Crescent divested international assets and refocused its resources on the Middle East and North Africa. The company continued to provide technical and operating services in the Gulf. In 2002, it became the technical services provider for the offshore Bukha field in Oman. It also served as technical operator for concessions in Ajman, Umm Al Quwain, and Ras Al Khaimah until 2004. These activities complemented Crescent’s exploration portfolio with field-management and engineering capabilities. A significant corporate development occurred in 2005, when Dana Gas was established. Crescent Petroleum became the founding and largest shareholder. Dana Gas provided a listed platform for natural gas investments and subsequently became involved in projects in the UAE, Egypt, and Iraq. In 2007, Dana Gas and Crescent entered the Kurdistan Region of Iraq through an agreement with the Kurdistan Regional Government to appraise and develop the Khor Mor and Chemchemal gas fields. Crescent received half of Dana Gas’s interest in the agreement, and the two companies became the principal operating partners. In 2008, gas deliveries from the Khor Mor project began to the Erbil power station. Development work included rehabilitating existing wells, acquiring seismic data, installing gas separation and treatment equipment, building LPG facilities, and constructing pipelines across difficult terrain. The partners later transferred their interests to Pearl Petroleum Company Limited, a joint venture owned equally by Crescent Petroleum and Dana Gas. OMV, MOL, and RWE subsequently joined as minority shareholders. The project became a major private-sector gas investment in the Kurdistan Region and was designed to supply electricity-generation facilities and industry. Crescent’s Iraqi activities also included technical cooperation and field-development initiatives outside the Kurdistan Region. The company maintained a long-term presence in Baghdad and established offices in northern Iraq. It cooperated with Iraq’s Ministry of Oil on appraisal work, training, and technical coordination, and it pursued opportunities involving major southern and western Iraqi fields. In 2018, the Iraqi government awarded Crescent three concessions during the fifth licensing round. By 2023, Crescent and Iraq’s Ministry of Oil had signed three twenty-year contracts associated with the redevelopment of Iraqi resources. In parallel, Crescent worked on UAE exploration and gas infrastructure. It conducted seismic and geophysical studies around Sir Abu Nu'ayr and helped develop inter-emirate gas-supply arrangements. The company also entered into a 25-year gas-supply agreement with the National Iranian Oil Company in 2001. Planned deliveries did not begin, leading Crescent to initiate arbitration in 2009. An international tribunal ruled in 2014 that the contract was valid and that NIOC had breached its delivery obligations. The dispute remained connected with Crescent’s pursuit of damages through international arbitration. The company’s current profile combines private upstream investment, regional gas development, technical services, and participation in related Crescent Group companies. Its direct operating focus is reported in the UAE and the Kurdistan Region of Iraq, while its broader regional interests are connected with Dana Gas and other Crescent Group activities.
- 2023
Three long-term Iraqi contracts
[1]Crescent Petroleum and Iraq’s Ministry of Oil signed three twenty-year contracts connected with resource redevelopment.
- 2019
Khor Mor expansion agreement
[1]Pearl Petroleum signed a 20-year gas sales agreement with the Kurdistan Regional Government to support additional production and local power generation.
- 2018
Iraqi licensing-round awards
[1]Crescent was awarded the Gilabat-Qumar, Khashim Ahmer-Injana, and Khidhr Al Mai concessions during Iraq’s fifth bidding round.
- 2014
Arbitration ruling on Iranian gas contract
[1]An international tribunal found the gas-supply agreement valid and determined that NIOC had breached its delivery obligation.
- 2009
Pearl Petroleum structure created
[1]Crescent Petroleum and Dana Gas transferred their Kurdistan interests to Pearl Petroleum, their jointly owned operating vehicle.
- 2008
Khor Mor gas deliveries commence
[1]Gas deliveries began to the Erbil power station, supporting regional electricity generation.
- 2007
Kurdistan gas development begins
[1]Dana Gas and Crescent entered the Kurdistan Region of Iraq to appraise and develop the Khor Mor and Chemchemal fields.
- 2005
Dana Gas established
[1]Dana Gas was founded with Crescent Petroleum as its founding and largest shareholder.
- 2001
Iranian gas-supply agreement signed
[1]The National Iranian Oil Company signed a 25-year gas-supply agreement with Crescent Petroleum for the UAE market.
- 1990
International portfolio refocus
[1]After the energy-sector downturn, Crescent began divesting international positions and concentrating on the Middle East and North Africa.
Products and positioning
Independent Middle Eastern upstream oil and gas company with a strong regional focus on natural gas development and energy infrastructure.
Crude oil · 1972
Mubarek field production
Crescent’s early flagship upstream development was the offshore Mubarek field in Sharjah. The field was discovered and brought rapidly into production in the early 1970s, helping establish the company’s technical and operating credentials and contributing to Sharjah’s emergence as an oil-producing emirate.
Natural gas · 2007
Khor Mor and Chemchemal gas development
Through Pearl Petroleum with Dana Gas and minority international partners, Crescent develops the Khor Mor and Chemchemal gas fields in the Kurdistan Region of Iraq. The integrated project includes well rehabilitation and drilling, gas separation and treatment, LPG production, pipelines, and supply to power-generation facilities and local industry.
Oil and gas exploration · 1999
Sir Abu Nu'ayr exploration
Crescent has conducted seismic, geological, gravity, and magnetic studies around the Sir Abu Nu'ayr concession offshore Sharjah. The work has included 2D and 3D survey planning and evaluation of salt-related structures and potential reservoirs.
Gas infrastructure and supply · 1985
Regional gas supply services
Crescent has participated in the development of gas-supply arrangements linking UAE resources and infrastructure with regional markets. Its historical work included inter-emirate gas contracts and pipeline-linked supply projects, as well as the planned Iranian gas-supply project.
Oil and gas services · 2002
Technical services and field operations
The company has provided technical services, field operation, appraisal, and concession support across Gulf and regional assets, including the Bukha field offshore Oman and concessions in several northern UAE emirates.
Brand decisions
2019
Approve Khor Mor expansionGeneration changeBackground
Growing regional electricity demand created a need for additional reliable gas supply from the Khor Mor project.
Action taken
Pearl Petroleum signed a 20-year gas sales agreement with the Kurdistan Regional Government and planned additional production trains and wells.
Aftermath
The expansion was intended to raise output and increase gas availability for local power generation and industry.
2018
Expand Iraqi concession portfolioStrategyBackground
Iraq’s fifth bidding round offered opportunities to support development of additional oil and gas acreage.
Action taken
Crescent was awarded three concessions: Gilabat-Qumar, Khashim Ahmer-Injana, and Khidhr Al Mai.
Aftermath
The awards strengthened Crescent’s stated focus on Iraqi resource redevelopment, subject to contract execution and project development.
2009
Initiate arbitration against NIOCOtherBackground
Gas deliveries under the 2001 Iranian supply agreement had not commenced as planned.
Action taken
Crescent Petroleum filed an international arbitration case against the National Iranian Oil Company.
Aftermath
A 2014 tribunal found the agreement valid and NIOC in breach; Crescent continued pursuing damages through arbitration.
2007
Enter Kurdistan Region gas developmentStrategyBackground
The Khor Mor and Chemchemal fields represented an opportunity to develop domestic gas supplies for electricity generation and industry.
Action taken
Crescent and Dana Gas entered the Kurdistan Region and began appraisal and development activities under an agreement with the Kurdistan Regional Government.
Aftermath
The partners created Pearl Petroleum as the operating vehicle, began gas deliveries in 2008, and expanded processing and pipeline infrastructure.
2005
Establish Dana Gas platformOtherBackground
Crescent sought a dedicated regional platform for natural gas investment and development.
Action taken
Dana Gas was established with Crescent Petroleum as its founding and largest shareholder.
Aftermath
Dana Gas became a listed regional gas company and an important affiliate for Crescent-linked projects in the UAE, Egypt, and Iraq.
1990
Refocus on the Middle East and North AfricaStrategyBackground
A downturn in the energy sector during the 1990s affected the attractiveness of Crescent’s broad international exploration portfolio.
Action taken
The company divested international positions and redirected attention toward opportunities in the Middle East and North Africa.
Aftermath
The shift helped define Crescent’s later regional operating profile, particularly in the UAE, Iraq, and neighboring markets.
Recent events
Crescent Petroleum wins SAP MENA Quality Award[3]
Crescent Petroleum was awarded the SAP MENA Quality Award for progress implementing a digital transformation across its operations in the UAE, Iraq and the UK.
Sources3 sources
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