UAE's SNOC Announces Start of Gas Production at Mahani Field

Sharjah National Oil Corporation (SNOC) logo
Sharjah National Oil Corporation (SNOC) logo
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UAE's SNOC Announces Start of Gas Production at Mahani Field

Sharjah National Oil Corporation (SNOC) logo
Sharjah National Oil Corporation (SNOC) logo

UAE's Sharjah National Oil Corporation (SNOC) and partner ENI announced on Sunday the start of gas production at the recently discovered Mahani field in Sharjah, UAE state news agency WAM reported.

SNOC and Italian energy giant Eni announced the discovery of Mahani last year, a new find of natural gas and condensate onshore in Sharjah, and the first in the emirate since the early 1980s.

Production would start at the Mahani-1 gas well in the Mahani field in Area-B in Sharjah, WAM reported.

"The announcement comes within one year of the discovery of gas in the Mahani field, which represents the first new onshore discovery in Sharjah in 37 years," it said.



Total Revenues at Saudi PIF More Than Double to $88.5 Billion

PIF headquarters in Riyadh. Asharq Al-Awsat
PIF headquarters in Riyadh. Asharq Al-Awsat
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Total Revenues at Saudi PIF More Than Double to $88.5 Billion

PIF headquarters in Riyadh. Asharq Al-Awsat
PIF headquarters in Riyadh. Asharq Al-Awsat

Saudi Arabia's sovereign wealth fund PIF swung to a profit of 138.1 billion riyals ($36.81 billion) in 2023, it said on Monday.

Total revenues at the Public Investment Fund more than doubled to $88.5 billion last year from $44 billion in 2022, according to a regulatory filing.

The rise in revenues was driven by factors including an improvement in both investment and non-investment activities in sectors like banking, telecommunications and gaming, as well as increased dividends.