Russia announces huge Arctic oil discovery

The deposit on the Yamal Peninsula is the region’s largest find in 30 years

Russian energy major Gazprom Neft has discovered a new oil field on the Yamal Peninsula that is the largest discovered in the region in three decades, according to a company release.

The new find is located in the Arctic zone of Yamalo-Nenets Autonomous Region, home to the world’s largest natural gas reserves but also a region with significant oil potential.