Dubai finds new oil reservoir

Dubai finds new oil reservoirIn a significant development that could brighten the economic prospectus of oil rich Dubai, the emirate has announced a new oil reservoir located east of Rashid Field. Expressing pleasure over the discovery, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum said that the new reservoir would push the oil output of United Arab Emirates (UAE).

HE Sheikh Mohammed expressed, "The new 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."

Dubai's ruler also held a meeting with a number of sheikhs, ministers and dignitaries, discussing country's exploration program. He appointed Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of the Oil Affairs Department in Dubai for overseeing the oil exploration and research work.

Sheikh Mohammed, expressing satisfaction over the working of Oil Affair Department, has asked for making optimum use of UAE's existing resources by focusing on efficiency.

Asking UAE to be ready for developing advanced technologies and more investment for extracting oil, Dr. Samir Pradhan of the Gulf Research Centre added, "Discovery of oil in Dubai is overall a positive development and will contribute to confidence building measures."