DUBAI -Dubai announced Thursday the discovery of a new offshore oil field in the Persian Gulf that could boost its economy at a time when the United Arab Emirates’ second-largest sheikhdom is struggling with a multibillion-dollar debt pile.
“I can confirm that oil has been discovered and expect production to start within a year,” Sheik Ahmed bin Saeed Al Maktoum, the chairman of government-owned Dubai Petroleum Establishment, or DPE, told Zawya Dow Jones, confirming local media reports earlier Thursday that a new offshore oil field had been discovered in the emirate.
Full story: http://online.wsj.com/article/BT-CO-20100204-708354.html?mod=rss_Bonds via The Wall Street Journal