Crescent Petroleum: Pre and Post Hussein Era

petroleumCrescent Petroleum began its activities in the early 1970s, just before Saddam Hussein became Iraq’s Fifth President. Crescent Petroleum was the first ever “regional, independent [and] privately owned Middle Eastern petroleum company to engage in the acquisition, exploration and development of petroleum concessions.” And even though Hussein was nationalizing various industries, Crescent Petroleum remained independent. Today, the company which has its headquarters in Sharjah in the United Arab Emirates, is also the largest private shareholder in Dana Gas.

Crescent Petroleum is involved in the successful production and sale of: crude oil, petroleum products and natural gas. As well, together with Dana Gas, the company has invested more than $1bn in the oil and gas industries in Kurdistan, resulting in the production of 340m+ cub feet of gas and 15,000 barrels of condensate daily. This has led to most cities in the region being the recipient of continuous electricity on a day-to-day-basis. Through Gas Cities, a joint venture between Crescent Petroleum and Dana Gas, it is creating self-sustaining industrial parks based on the effective utilization of natural gas as feedstock.