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Updated Friday, February 5, 2010 11:41 am TWN, AFP

Debt-laden Dubai says new offshore oil field found

DUBAI -- The government of Dubai, facing dwindling oil resources and a mountain of debt, announced Thursday the discovery of a new, offshore oil field, which it hoped would rescue its limping economy. The ruler of Dubai, Sheikh Mohammed bin Rashed al-Maktoum, “heralds the good news to the people of the United Arab Emirates that a new off-shore oil field has been discovered in Dubai,” a government statement said.

The UAE sits on the world's fifth largest proven oil reserves, amounting to 97.8 billion barrels of crude oil. But 95 percent of those reserves are controlled by the leading partner in the federation, Abu Dhabi.

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