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FINANCIAL NEWS
Dubai’s Al Jalila oilfield to start operations before year-end
04 Oct 2011
(MENAFN) Dubai’s Supreme Council of Energy’s Chairman, Shaikh Ahmad Bin Saeed Al Maktoum, said that Al Jalila oilfield would start operations before year-end, reported Gulf News.
Al Maktoum added that the field, which would raise the emirate’s crude output, would be Dubai’s fifth producing field since the discovery of oil in the emirate about fifty years ago.
He also said that the UAE’s average sustainable crude oil output capacity would be forecasted to go up 12.5 percent by 2014 to reach 3.06 million barrels per day (bpd), adding that Dubai’s current oil reserves were around 4 billion barrels.
It is worth noting that Al Jalila oilfield is forecasted to slowdown the drop in Dubai’s oil output over the next ten years.
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