New Gas Field Discovered in Sharjah

The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM
The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM
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New Gas Field Discovered in Sharjah

The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM
The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM

The Sharjah National Oil Corporation (SNOC) and its Italian partner ENI have announced a successful discovery of natural gas and condensate onshore at the Mahani field in Sharjah with a flow rate of up to 50 million standard cubic feet per day.

This represents the first onshore discovery of gas in the emirate since the early 1980s.

Mahani-1 well was drilled at a total depth of 14,597 feet, which resulted in the discovery of gas with the associated capacitors in the formation of the Thumama. The size of the discovery will be estimated in time in light of expectations for further evaluation and development.

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, SNOC said in a statement.

Deputy Ruler of Sharjah and Chairman of Sharjah Oil Council Sheikh Ahmed bin Sultan al-Qasimi said the discovery is set to bolster the emirate's economy and contribute to its energy reserves.

The discovery will bring about a "major transformation" in Sharjah's industrial and commercial sectors by providing energy resources and attracting top global companies to invest in various sectors in the emirate, he added.

Sheikh Ahmed continued that “Sharjah provides strategic energy infrastructure to help the nation meet the growing demand for energy by residential, industrial and utility consumers.”

Further, President of SNOC Sheikh Sultan Bin Ahmed al-Qasimi said that the discovery will reflect positively on the economic sector in Sharjah and the goals of sustainable development, energy security, decent livelihoods and the well-being of people.

He pointed out that the new gas field constitutes an important addition to support the Emirate’s economy, which is classified as strong and stable, and would enhance its economic competitiveness.

Sheikh Sultan expressed confidence that this would help attract more industrial investments to Sharjah and generate greater revenue resources, contributing to the Emirate’s stability and financial sustainability.

Sheikh Khalid bin Abdullah bin Sultan al-Qasimi, chairman of the Department of Seaports and Customs in Sharjah, said the natural gas discovery will stimulate various sectors by generating more commercial and industrial projects.

Speaking on the same occasion, CEO of SNOC Hatem al-Mosa added: “This is the first onshore discovery in Sharjah in 37 years and marks the beginning of an exciting time for SNOC and Sharjah’s energy sector.”

SNOC owns and operates over 50 wells distributed in three fields, a gas processing complex, and 2 hydrocarbon liquid storage and export terminals. Its Sajaa complex is the hub of gas pipelines connecting all northern Emirates.



Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
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Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency

Oman's state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the country's privatization drive.

The group, owned by Oman's sovereign wealth fund, plans to sell a stake of at least 20% in Asyad Shipping Co and float it on the Muscat stock exchange, it said in document detailing its intention to float.

"The intended listing would provide investors with the opportunity to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy," the company said.

Asyad Shipping focuses on transporting liquefied natural gas (LNG), crude oil and other products. It lists energy firms BP and Shell as well as trading firm Trafigura among its customers and partners.

The offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75% tranche, 30% of shares have been earmarked for anchor investors, the firm said.

The remaining 25% will be sold to retail investors in Oman.

The subscription period is expected to start next month, after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.