ABU DHABI, Feb. 4 (Xinhua) -- United Arab Emirates (UAE) Vice President Sheikh Mohammed bin Rashid Al Maktoum said Thursday that a new oilfield has been found in Dubai, a member of the seven- strong federation, the official news agency WAM reported.
"The discovery will contribute and provide in strengthening the economic capacities of the state along with increasing the UAE's oil production," Sheikh Mohammed, who is also the Gulf nation's prime minister and ruler of Dubai, the report said.
"In addition to other positive impacts, that will give a strong impetus to all sectors of the local economy and provide a new source of income enhancing the comprehensive development of Dubai, " he told senior government officials before a cabinet meeting.
The newly-discovered oilfield is located east of Dubai's Rashid field, Sheikh Mohammed said.
According to WAM, Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Oil Affairs Department in Dubai, will be in charge of the exploration and prospecting of the oilfield.
The UAE is the world's third largest oil exporter, with more than 90 percent of its oil reserves located in the capital of Abu Dhabi.
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