The Crescent Group was founded in 1971 alongside Crescent Petroleum, making it among the first privately owned petroleum companies in the region. Today, the group operates through its two subsidiaries, Crescent Petroleum and Crescent Enterprises, with over 25 diversified companies. In November 2023, Crescent Petroleum pledged to achieve near zero methane emissions by 2030 by becoming a signatory for the Aiming for Zero project, in agreement with the Oil and Gas Climate Initiative. A month earlier, the Ministry of Oil in Iraq announced that the company would develop three oil and gas fields in the country.