The oil department of the Emirati city of Sharjah denied on Friday press reports it had discovered a major new oil field, reported the Gulf Daily News.
"[The] Sharjah oil department is the only body entitled to announce the discovery of such oil fields" in the emirate, department head Ismail Abdul Wahed said, quoted by the official WAM news agency.
He added that Sharjah had "awarded some time ago an oil concession to US firm Matco Oil on the east coast of the emirate and (exploration) operations are continuing."
Reports quoted oil sources as announcing last week the discovery of a major new oil field straddling Sharjah and Fujairah.
They said that drilling on the first wells would start in December and that the project would need investment of around $1.2 billion – Albawaba.com
