Dubai's newly discovered oilfield could begin production next year, the debt-laden Gulf city-state said on Friday. The oilfield is expected to help boost Dubai's electric output to 10,000 megawatts in 2012, from the current 7,500 megawatts, according to an official statement.
The new field, which was called al-Jalila after a daughter of Dubai ruler Sheikh Mohammad bin Rashed al-Maktoum, is expected to "increase the production of crude in Dubai significantly." The emirate's current oil reserves are about 4 billion barrels.
Sheikh Mohammed, who is also the UAE vice president and prime minister, said that new the field will help push all sectors of the economy forward and provide a new source of income that enhances the overall development of Dubai. The field is located east of the Rashid oilfield. Dubai's economy boomed in recent years on non-oil sectors, especially real estate, until the sector was heavily affected by the global financial crisis.