A new oilfield with potential reserves of 12.5 billion barrels has been discovered in an area straddling the emirates of Sharjah and Fujairah, a newspaper in the United Arab Emirates (UAE) reported Tuesday, July 7.
Gulf News said the discovery would place Fujairah, a member of the seven-emirate federation, on the map of oil producers for the first time. But Sharjah was believed to hold the larger share of the field's reserves.
Drilling is expected to start in December, industry sources told the paper, adding that concession-holder Matco Oil of the United States was understood to have made the find.
The UAE has an OPEC production quota of around two million barrels per day, with Abu Dhabi—the largest emirate and capital of the Gulf Arab state—accounting for the lion's share of output. — (AFP)
© Agence France Presse
© 2001 Mena Report (www.menareport.com)
