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.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has explored opportunities for cooperation in the banking sector during talks with Bernard Mensah, President of International for Bank of America.
Small AI models may be only months away from being able to copy themselves onto everyday internet-connected devices, such as smart ovens and cheap Android TV boxes, according to research published by Anthropic on Monday.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, has praised the progress of the Dubai Cashless Strategy, with cashless transactions now accounting for 90.1 per cent of all transactions in the Emirate.
The Dubai Integrated Economic Zones Authority (DIEZ) has announced the doubling of the venture capital fund managed by its investment arm, Oraseya Capital, from AED500 million to AED1 billion.