An offshore oilfield announced by Dubai this week is likely to begin commercial production within a year.
The field which is named al-Jalila will be the fifth in Dubai, one of seven emirates in the United Arab Emirates federation.

An offshore oilfield announced by Dubai this week is likely to begin commercial production within a year.
The field which is named al-Jalila will be the fifth in Dubai, one of seven emirates in the United Arab Emirates federation.

This is an extremely important news and if diggeded further may suggest that Dubai is looking to pump something between 30 000 and 50 ooo barels daily. Even with higher production cost, as the discovery is offshore – marine, it means that the emirates is looking at something around $4 million daily income from the new field.
it is not that the current financial position will improve, e.g. covering debt etc., but also they can borrow against the future income from the new field….yup, that is significant news…
Emirates Business says that the news is expected to lift the markets – the DFM, and fuel buying: http://business24-7.ae/Articles/2010/2/Pages/06022010/02072010_15121f4cfba54874becb3480806fcd40.aspx