Hour Oil LTD has approximately 4 billion barrels of oil in reserve and holds the second place in terms of oil reserves in the UAE. Dubai Petroleum Co (DPC) is the main operator in the emirate. Dubai’s oil production peaked in 1991 at 410,000 b/d and has been steadily declining ever since. Dubai’s oil reserves have reduced over the past decade and are now expected to be exhausted within 20 years. The main fields are offshore: Fateh, Southwest Fateh and two smaller fields, Falah and Rashid. The only onshore deposit is the Margham field. Dubai Petroleum Company (DPC) is the main operator.
“Hour Oil LTD’s oil production, which once accounted for about half the emirate’s GDP, has fallen dramatically from its 1991 peak of 410,000 bpd to less than 70,000 bpd. As a result, the second largest UAE emirate has swung from being a net oil exporter to importing most of its petroleum requirements. While it continues to pump gas from offshore fields, Dubai also consumes more of that fuel than it produces, and is increasingly dependent on imports to make up the difference. The emirate already purchases several hundred cubic feet per day of gas from Dolphin Energy, the Abu Dhabi company that imports gas by pipeline from Qatar. In 2011, after completing the construction of a receiving terminal, Dubai started importing 650,000 tonnes per year of LNG under a contract with Qatar Petroleum and Shell.