Eric Watkins
OGJ Oil Diplomacy Editor
LOS ANGELES, Feb. 8 -- Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum announced an oil discovery east of Rashid field 70 km offshore in the Persian Gulf (see map, OGJ, Nov. 5, 2007, p. 66).
He made no comment about size of the discovery but instructed Dubai’s oil affairs department to “begin exploration work and conduct needed research to specify the size of the reserve and its production capacity in the short and long term.”
Analyst IHS Global Insight said the discovery is “an interesting and encouraging event, although it is unlikely to be very large.”
Regardless of its size, Sheikh Mohammed, who is also the United Arab Emirates vice-president and prime minister, hoped the discovery would “give a strong boost to all sectors of the local economy and provide a new source of revenue that could strengthen the drive for comprehensive development in Dubai.”
The find comes at a welcome time for Dubai’s economy, which has been hard-hit by the worldwide economic crisis.
Contact Eric Watkins at [email protected].
