We also see no evidence. An oil field is not a long term fix for Emiratis. Not like they have much to complain about anyway.

This is good news for Dubai if it's true but I'm afraid it's just a drop in the bucket if you look at the bigger picture.

Is THIS the zero-gravity moment?

Shaping up to look that way. It's worth taking seriously as it adds a time frame in pretty high resolution.

http://www.theoildrum.com/node/6169

..they must have carried 2D or 3D marine seismic surveys to locate and identify the oil field. However, to open the field next year means that they must have done exploratory drilling (?) and calculations to confirm that the reserve was economically extractive, surely.

Meaning there's no evidence of this oil yet? You would be right. Did you invested so much in real estate that you're hoping so badly for a recovery?

FWIW, I don't own property in Dubai. One oilfield won't likely change Dubai's property supply/demand imbalance... not single-handedly, and not overnight anyway. I'm not sure how that subject came up? Who mentioned property? This thread is about the recent oil discovery.

These preliminary announcements tend not to come with productivity projections, though I'd expect they have some rough idea of it's size.
You'll wait a while before hearing more.

Regardless, it's great to hear that Dubai's future is looking up.

This is not a 'new' field.. and when oil was up over $100 a barrel, this field was not economically viable.

As you were, just the spin-machine working overtime....

Prove it?

Here's your proof,

Metro stations unfinished because of payment.

Paralell road project unfinished because of payment.

Concourse 3 dxb reduced working because of payment

Dubai world central jxb works reduced and scope cut back because of payment.

Lagoons project suspended because of payment.

Dubailand...Arabian city.....blah blah blahhhhhhhh.

that's the only thing you should believe,these guys are bankrupt period....

welcome to the real world people

What does any of that have to do with an oilfield?

Nada.

KTHXBAI!

They need an oil field to finish them and there's not one out there

You're talking from your arse.

Ditto with my info,the reserves have been in reserve so to speak.
Seems M. is becoming more of a thorn in the flesh of the Don of the
Emirates instead of a lesser prick
in the flesh I mean.

Oh, I still quite like Shiekh Mo - he did marvelously well, as did his papa. Wouldn't kick a chap when he's down on his uppers, would you, old girl?

I'm taking the fifth on this one....Indiegirl knows why.
Sadly so do a couple of nice families who had to be
laid off and returned home because our very small
company wasn't paid for certain jobs by certain companies
with certain people at the helm.
Salomon v Salomon sucks at times.....