Dubai Says New Oil Field to Start Operations within a Year

DUBAI (Zawya Dow Jones), Feb. 5, 2010

Dubai's newly discovered offshore oil field is likely to enter commercial production within a year and will increase crude production of the Persian Gulf emirate by a "noticeable percentage", according to a statement issued by the ruler's office Friday.

Estimates of the al-Jalila field's reserves or production capacity will be announced once studies are completed, the media office of Sheik Mohammed bin Rashid Al Maktoum said in the statement.

Sheik Ahmed bin Saeed Al Maktoum, the chairman of government-owned Dubai Petroleum Establishment told Zawya Dow Jones Thursday the field will begin commercial production within a year, but declined to comment on the size of the find.

Dubai has little hydrocarbon reserves of its own and produces crude from four offshore oil fields in the Persian Gulf--Fateh, Southwest Fateh, Rashid and Falah. Oil output in the emirate, the second-largest sheikdom in the seven-member federation of the United Arab Emirates, is estimated at 60,000-70,000 barrels a day, according to industry estimates.

The U.A.E, a member of the Organization of Petroleum Exporting Countries, presently pumps about 2.25 million barrels a day mainly from Abu Dhabi, the country's largest emirate.

Copyright (c) 2010 Dow Jones & Company, Inc.

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