Crescent Petroleum, the Sharjah based exploration and production firm, is eyeing gas opportunities in Egypt, a board member said at the Annual Investment Meeting in Dubai on Tuesday.
“We, as Crescent, are looking at opportunities in Egypt directly,” board member Neeraj Agrawal told Gulf News at the event.
“We’re at the stage where we’re looking at specific projects in Egypt in the hydrocarbons sector,” Agrawal said.
“And it’s no more sitting in the office. We’re looking specifically at a few things,” he added declining to give out more details.
When asked when the company would announce the projects, he said “it will be challenging to set a timeline.”
Crescent announcement comes at a very uncertan time for Egypt’s hydrocarbon sector.
While it has recently attracted renewed foreign investment from a number of energy firms, the government has struggled to repay its million-dollar debt to oil companies from previous years.
This has made investors take opportunities in Egypt with extra caution.
“Egypt is [on] the cusp of a transformation,” Agrawal said. “We’re looking at projects we’re we can get comfortable [and] where feel we’re going to get paid,” he added referring to the millions of dollars owed to Dana Gas by the Egyptian government.
