"The bad news is, we did not find oil. But the good news is — we did not find gas either" — used to be the case in the Middle East's energy exploration business about half a century ago, according to legend.
Occasionally, oil explorers used to strike gas instead of oil while drilling for oil. The discovery of gas, even by accident, was considered a curse because there was little utilisation of gas in those days.
"But things have changed a lot in the energy landscape since then. Gas is playing a key role in the Middle East's economies," says Majid H. Jafar, Chief Executive Officer of Crescent Petroleum, a company established 40 years ago by his father Hamid Jafar, a UAE-based businessman of Iraqi origin.
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