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Updated Saturday, February 6, 2010 3:02 pm TWN, AFP

New oilfield could begin production in a year: Dubai

DUBAI -- Dubai said on Friday that a new offshore oilfield, discovered at a time when the Gulf emirate is under unprecedented financial pressure, could begin production next year. The cash-strapped government announced the discovery on Thursday, but has so far given no details about the size of the find.

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

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