Petroleum, the areas modern prosperity was first discovered in 1958, when deposits were located beneath the coastal waters of Abu Dhabi. Onshore Petroleum was found in Abu Dhabi in 1960. Commercial exploration of petroleum began there in 1962, providing the state with greatly increased revenue.
Exploration was also successfull in Dubai, in the mid 1960's and then in Sharjah, first offshore then onshore, while Ras-Al-Khaimah found oil offshore in early 1980's. Today the UAE is one of teh worl's major oil producers, The UAE possesses nearly 10 per cent of the world's total reserves with the world's alrgest proven reserves, sufficient for production at current rates for over 100 years.
| Proven Oil Reserves (January1, 2009E) |
97.8 billion barrels |
| Oil Production (2008E) |
3.0 million barrels per day of which 2.6 million was crude oil. |
| Major Oil/Gas Ports |
Abu Dhabi: Das Islands, Jebel Dhana, Ruwais, Zirku Island, Umm Al Nar;
Dubai: Jebel Ali, Port Rashid; Fujairah: port
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| Major Oilfields |
Abu Dhabi: Asab, Bab, Bu Hasa, Al-Zakum;
Dubai: Falah, Fateh, South West Fateh;
Sharjah: Mubarak
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