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Dubai discovers new oil field, a first in decades

By Associated Press
Thursday, February 4, 2010 -
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DUBAI, United Arab Emirates — Dubai’s government, under pressure to repay billions of dollars in debt, said Thursday it has discovered a new offshore oil field — the first such find by the city-state in decades.

The media office of the sheikdom’s ruler did not provide details such as the size of the field or preliminary estimates of its production capacity, making it impossible to gauge the effect on Dubai’s strained budget. An e-mailed statement from the media office announcing the find said the new deposit is located east of the existing Rashid oil field.

 
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