Sharjah has made it first onshore natural gas discovery in over 30 years.
The Sharjah National Oil Corporation (SNOC) and its Italian partner ENI, made the discovery at the Mahani-1 exploration well within the first year of their partnership.
The well, which was drilled at a total depth of 14,597 feet, has tested gas with flow rates of up to 50 million standard cubic feet per day.
The size of the discovery will be further evaluated in due course.
Mahani-1, located in the area B concession, is the first exploration well drilled by SNOC following the acquisition of a new 3D seismic survey covering the territory.
“The discovery fulfils the emirate’s commitment to making reliable and sustained gas supplies available throughout the UAE”, said H.H. Sheikh Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Chairman of Sharjah Oil Council.
He added that the discovery supports Sharjah's development process and will work to bring about a major transformation in the industrial and commercial fields in the emirate.
The Central Bank of the UAE (CBUAE) has decided to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points, from 4.15% to 3.90%, effective from Thursday, October 30.
Syrian President Ahmed Al-Sharaa announced that the country has attracted approximately $28 billion in investments during the first six months of this year, highlighting significant participation from companies based in the UAE, Saudi Arabia, and Qatar.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has emphasised the UAE's commitment to strengthening economic ties with African nations.
Microsoft and OpenAI reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and giving it more freedom in its business operations.
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Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.