DUBAI (Commodity Online) : Oil hungry Dubai emirate of the UAE said Thursday it has discovered a new offfshore oil field.

In a statement issued here by the media office of Dubai’s ruler Sahikh Mohammed bin Rashid Al Maktoum said the find is located east of the existing Rashid oil field.

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However the statement did not provide details such as the size of the field or preliminary estimates of its production capacity.

The statement said the new field will increase the emirate's total output, though it did not say where production stands now or how much potential the new field offers.

Oil was first discovered off Dubai's coast in the early 1960s. The emirate's existing production comes primarily from four offshore fields: Fateh and Southwest Fateh, and the smaller Rashid and Falah. An onshore field, Margham, mainly produces natural gas and condensate.

The city-state's existing oil reserves are expected to be completely exhausted within two decades.

Dubai is one of seven small sheikdoms that comprise the United Arab Emirates federation. This is the first such discovery by the city-state in several years.

It is struggling to get out from under more than $80 billion of debt racked up during a multiyear building boom. The development push was aimed at diversifying the economy away from the oil sector and into finance, trade and tourism.

The UAE as a whole is the world's third-largest oil exporter, although the vast majority of the nation's reserves are held by the federal capital Abu Dhabi. Dubai's own reserves have been shrinking for years.

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