Sharjah National Oil Corporation (SNOC) is pursuing an aggressive growth strategy with the aim of doubling its hydrocarbon reserves by 2030, potentially as early as 2028. This objective is supported by a dual focus on international expansion and continued domestic investment in its core market, the emirate of Sharjah.

International Expansion Strategy

SNOC is actively evaluating and seeking to acquire oil and gas assets in key global markets as part of its international push, which began in 2024. The company is looking at opportunities in the UAE, the broader Middle East, Asia, and Africa. Its acquisition criteria target fields with a low-cost advantage and sustainable development potential. SNOC aims for its international portfolio to comprise a balanced mix of high-risk (such as exploration) and low-risk assets. A key milestone in this expansion was the 2023 acquisition of a 30% participating interest in Ras Al Khaimah’s Block 7, a 430-square-kilometer area bordering Sharjah that is being actively explored. In this venture, operator Eni holds 60% and Rakgas holds the remaining 10%.

Domestic Operations in Sharjah

Alongside its international ambitions, SNOC continues to heavily invest in exploration and development within Sharjah. The company is evaluating both onshore and offshore prospects and anticipates potential new discoveries in the coming months or years. SNOC's portfolio in the emirate includes several gas fields. The legacy Sajaa and Kahaif fields, though declining, remain significant production contributors. Major recent discoveries in the past five years include the Mahani field, which began production in 2021 in partnership with Eni, and the Hadiba field. SNOC benefits from extensive existing infrastructure in Sharjah, including over 500 kilometres of pipelines, which allows it to move from discovery to production within a year.

Outlook on Natural Gas

SNOC's leadership believes natural gas will continue to play a vital and dominant role in the energy mix of Sharjah, the UAE's northern emirates, and internationally for the coming years. It is viewed as a critical transition fuel due to its lower carbon intensity compared to coal and oil, and it meets substantial local demand. While acknowledging the changing energy landscape with the addition of renewables, the company is optimistic about sustained growth in energy demand in its core markets.