By J Shankar
Plan to drill at least two new infill wells in the coming year to boost the production from the Mubarak oil and gas field.
Crescent Petroleum of Sharjah is planning to drill at least two new infill wells in the coming year to boost the production from the Mubarak oil and gas field, located offshore of Sharjah. The company has signed an agreement with the parent company of Sky Petroleum, a US oil exploration company, which will participate with Crescent in the additional development programme.
Under the terms of the agreement, Sky Petroleum will initially provide financing for two infill wells amounting to US $25 million, with a further option to participate in the financing of additional wells. Crescent has been operating the Mubarek Field since 1971.
“Drilling is expected to commence in early 2006 with the first well to be on production in the second quarter of the year”, said Paul Keighley, Crescent’s general manager for operations.