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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
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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.

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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.