A new oil field off the coast of Dubai has recently been discovered, reported local Arabic media. The discovery is a first in many years as the emirate’s dependency on oil’s income dwindled due to decreasing production levels. Sources are quoted to have described the new oil field as “promising” in terms of its production capacity – one that will provide a new income for the emirate.
Because of limited resources, Dubai has over the years followed a strategy that limited its dependency on the oil sector. This enabled the emirate to have an economy today that is almost entirely generated by non-oil gross domestic product (GDP).
There was no official confirmation or any further information provided. Dubai’s first oil field was discovered in 1966 and the first production was from Fat’h oilfield in 1969. A second oil field, Falah, was discovered in 1972 and production started in 1978. Two other oilfields – Rashid and Margham – were discovered in 1973 and 1982 respectively. – Gulf News
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