The office of Dubai’s ruler announced the discovery of a new maritime oilfield in the emirate of Dubai.

“Mohammed bin Rashid brings the good news to the people of the Emirates and announces the discovery of a new marine oil field in Dubai,” said the government statement.

No further details were given on the production capacity of the new field, but Al Bayan newspaper reported that industry sources described it as “promising”.

The United Arab Emirates (UAE) holds about eight percent of the world’s oil reserves, with most of the country’s reserves located in the country’s capital Abu Dhabi.

UAE’s oil reserves are expected to run out in about 20 years.