The emirate of Sharjah in the UAE is to establish a national oil company to operate its hydrocarbons interests.
An emiri decree by the emirate’s ruler, Sheikh Al-Qasimi, stated that the Sharjah National Oil Corporation (Snoc) will be state-owned, but operated with financial independence and on a commercial level.
The main scope for Snoc will be overseeing Sharjah’s share in its Saja field concession. Saja is an onshore field that produces around 30,000 barrels-a-day of condensate and 600 million cubic-feet-a-day of gas.
The decree also stated that the company would be headquartered in Sharjah and would also look for investments in both companies and facilities with “similar commercial goals”.