Dubai discovers new oil field

04/02/2010 - Dubai Investment News
Dubai discovers new oil field
Posted by Neil King

A new oil field has been discovered in Dubai.

The discovery was made offshore in the Persian Gulf and it is believed that it could boost the emirate's economy.

Speaking to Dow Jones, Sheik Ahmed bin Saeed Al Maktoum, the chairman of government-owned Dubai Petroleum Establishment, said: "I can confirm that oil has been discovered and expect production to start within a year."

However, Sheik Ahmed refused to comment on the size of the new discovery.

Meanwhile, Angad Rajpal, energy analyst at Prime Emirates, told the news provider: "We need further details on the size before making any judgments on how it will affect Dubai's revenues going forward, as information is scant now it is too premature to predict whether this will help Dubai's finances."

According to the Wall Street Journal, the find is made more significant by the fact that unlike Abu Dhabi, Dubai does not have vast hydrocarbon resources.ADNFCR-2019-ID-19598172-ADNFCR