Dubai oilfield to start production this year

THE DUBAI GUYS · October 3rd, 2011, 05:29 PM

since the original thread is LOCKED....

Dubai oilfield to start production this year

Dubai: Commercial production at Dubai’s newest oil field, named Al Jalila, will begin this year, Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal committee, said on Monday.

"It will start this year," Shaikh Ahmad told reporters in Dubai, without specifying production levels.

In February this year, the Dubai Government said research and initial exploration in the new oilfield predicted the possibility of full-scale commercial production within a year. The new field should “notably increase the production of crude in Dubai, whose current oil reserves are about 4 billion barrels,” the official statement said.

The new oilfield, named after the daughter of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will be the fifth producing fields in Dubai since oil was discovered in the 1960s.

Shaikh Ahmad, who is also the chairman of the Gulf’s largest bank Emirates NBD, told reporters that local banks in Dubai have sufficient liquidity to weather a global downturn, but added that some local firms still had a way to go to rebound from the debt crunch.

“[Local banks] have lots of cash and lots of liquidity as well,” Shaikh Ahmad told reporters. “We’re not directly affected [by Europe] but I’m sure some [foreign] banks which are here could have certain issues. But the world will never be with no crisis.” Foreign banks “will keep supporting the retail business here because it’s good for them,” he added.

“I think the core business of Dubai is doing well,” he said, citing tourism and exports.

http://gulfnews.com/business/oil-gas...-year-1.882988

R

Face81 · October 3rd, 2011, 05:56 PM

Interesting news. Thanks for sharing!

luv2bebrown · October 4th, 2011, 09:20 AM

Quote:

Originally Posted by THE DUBAI GUYS

The new field should “notably increase the production of crude in Dubai, whose current oil reserves are about 4 billion barrels,” the official statement said.
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R

So at current prices thats around $320 billion.

That's really not that much.

Face81 · October 4th, 2011, 10:59 AM

hence the economic diversification!

Green Hornet · October 16th, 2011, 08:34 PM

Quote:

Originally Posted by Face81

hence the economic diversification!

Which considering the Dubai goverment is bankrupt and thousands upon thousands of property investors have been well and truly ripped off hasn't exactly worked has it.

***AltinD*** · October 16th, 2011, 09:03 PM

Why has everything to do with the property investors?

MANUTD · October 18th, 2011, 12:36 PM

Quote:

Originally Posted by luv2bebrown

So at current prices thats around $320 billion.

That's really not that much.

As my Grandad used to say
" better than a poke in the eye with a sharp stick !!"

October 3rd, 2011, 05:29 PM	#1
THE DUBAI GUYS Ruff 'n' Ready Join Date: Aug 2004 Location: Dubai City, Dubai Posts: 3,592 Likes (Received): 2	Dubai oilfield to start production this year since the original thread is LOCKED.... Dubai oilfield to start production this year Dubai: Commercial production at Dubai’s newest oil field, named Al Jalila, will begin this year, Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal committee, said on Monday. "It will start this year," Shaikh Ahmad told reporters in Dubai, without specifying production levels. In February this year, the Dubai Government said research and initial exploration in the new oilfield predicted the possibility of full-scale commercial production within a year. The new field should “notably increase the production of crude in Dubai, whose current oil reserves are about 4 billion barrels,” the official statement said. The new oilfield, named after the daughter of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will be the fifth producing fields in Dubai since oil was discovered in the 1960s. Shaikh Ahmad, who is also the chairman of the Gulf’s largest bank Emirates NBD, told reporters that local banks in Dubai have sufficient liquidity to weather a global downturn, but added that some local firms still had a way to go to rebound from the debt crunch. “[Local banks] have lots of cash and lots of liquidity as well,” Shaikh Ahmad told reporters. “We’re not directly affected [by Europe] but I’m sure some [foreign] banks which are here could have certain issues. But the world will never be with no crisis.” Foreign banks “will keep supporting the retail business here because it’s good for them,” he added. “I think the core business of Dubai is doing well,” he said, citing tourism and exports. http://gulfnews.com/business/oil-gas...-year-1.882988 R

October 3rd, 2011, 05:56 PM	#2
Face81 Registered User Join Date: Aug 2004 Location: London \| Dubai Posts: 5,346 Likes (Received): 37	Interesting news. Thanks for sharing! __________________ We will never forget any of you... The late Sheikh Maktoum Bin Rashid Al Maktoum [1943 - 2006] The late Sheikh Zayed Bin Sultan Al Nahyan [1918 - 2004] The late Sheikh Rashid Bin Saeed Al Maktoum [1912 - 1990]

October 4th, 2011, 10:59 AM	#4
Face81 Registered User Join Date: Aug 2004 Location: London \| Dubai Posts: 5,346 Likes (Received): 37	hence the economic diversification! __________________ We will never forget any of you... The late Sheikh Maktoum Bin Rashid Al Maktoum [1943 - 2006] The late Sheikh Zayed Bin Sultan Al Nahyan [1918 - 2004] The late Sheikh Rashid Bin Saeed Al Maktoum [1912 - 1990]

October 16th, 2011, 09:03 PM	#6
*AltinD* The Modecator Join Date: Jul 2004 Location: Tiranë / DUBAI / Vienna Posts: 29,766 Likes (Received): 538	Why has everything to do with the property investors? __________________ I am the eye in the sky, Looking at you I can read your mind I am the maker of rules, Dealing with fools I can cheat you blind.

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