The emirate of Dubai has discovered an offshore oilfield, the office of Dubai's ruler said in a statement on Thursday.

Small oil producer Dubai was evaluating the size of the field and potential production, the statement said. The ruler's office was unable to provide further information.

The discovery is timely for the cash-strapped emirate, which is restructuring $22 billion of debt of state-owned conglomerate Dubai World.

 '(It would) give a strong impetus to all sectors of the local economy and provide a new source of income enhancing the comprehensive development of Dubai,' UAE state news agency Wam said in a statement.   

Dubai's crude has an influence on global oil markets that belies its limited output, as it is used as a pricing benchmark for more than 10 million barrels per day of crude heading to Asia from the Middle East.

The emirate pumps only a fraction of supply from the UAE, the world's third largest oil exporter with output of around 2.3 million bpd. The emirate of Abu Dhabi produces most of the UAE's oil and holds over 90 percent of its reserves.

Oil output from Dubai's mature fields is in decline, and is estimated at around 50,000 to 70,000 bpd, according to trade estimates. Dubai does not provide official oil production data. Output peaked in 1991 at over 400,000 bpd.

The new field was discovered to the east of the producing Rashid oilfield, the ruler's office said. The field is one of four main producing fields. The others are Fateh, southwest Fateh and Falah.

Daily newspaper Al Bayan on Thursday reported industry sources as saying that the field was 'promising'.  - Reuters