Sharjah establishes national oil company

Sharjah, a member of the United Arab Emirates, has established a national oil company.

Nov. 10, 2010

By OGJ editors
HOUSTON, Nov. 10 -- Sharjah, a member of the United Arab Emirates, has established a national oil company.

Sharjah National Oil Corp. will “have a corporate character” and “enjoy financial and administrative independence and practices its operations on commercial bases,” said a decree from Sultan bin Mohammed Al Qasimi, ruler of Sharjah.

Sharjah produces gas and condensate onshore and gas offshore, all at modest and mostly declining rates. Crescent Petroleum, based in Sharjah, and Russia’s Rosneft Oil Co. are exploring a large onshore concession.