New gas field discovery underlines Sharjah’s strong start to 2020

New gas field discovery underlines Sharjah’s strong start to 2020

News: 28 January 2020

Sharjah has announced the discovery of a new onshore well of natural gas and condensate in the Emirate, the first in nearly 40 years.

The discovery of the Mahani well was made by Sharjah National Oil Corporation (Snoc), and Italian oil major Eni within a year of their partnership starting.

The well has tested gas at flow rates of up to 50 million standard cubic feet per day.

HE Sheikh Sultan bin Ahmed Al Qasimi, President of Snoc, who also serves as Chairman of Arada, said: “Sharjah provides strategic energy infrastructure to help the nation meet the growing demand for energy by residential, industrial and utility consumers.”

Senior figures from both Sharjah’s public and private sectors also welcomed the discovery.

HH Sheikh Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Chairman of Sharjah Oil Council said that the news would bolster the Emirate’s economy and contribute to its energy reserves, according to a statement provided by Sharjah Government Media Bureau. HE Sheikh Khalid bin Abdullah bin Sultan Al Qasimi, Chairman of the Department of Seaports and Customs, said that the discovery would boost a number of different sectors within the economy.

The news comes amid an impressive start to 2020 for the Sharjah economy.

The Government of Sharjah has already announced a record budget for the year, with spending rising by 2% to AED29.1 billion and a strong focus on infrastructure development.

In addition, Sharjah Real Estate Registration Department has also recently announced a 7.3% rise in the value of property deals in the Emirate last year, with transaction numbers up by 13.4%. The figures show that demand in Sharjah’s fast-expanding real estate sector remains high.