economy
February 14, 2026
Russia announces huge Arctic oil discovery
Gazprom Neft has announced the discovery of a 55-million-ton oil deposit on the Yamal Peninsula
TL;DR
- Gazprom Neft discovered a new oil field in the Arctic zone of Yamalo-Nenets Autonomous Region.
- The field, named Aleksey Kontorovich, has estimated geological reserves of 55 million tons.
- This is the largest oil discovery in Yamal in the last 30 years.
- The find aligns with Russia's Energy Strategy to 2050, prioritizing Arctic development.
- Exploration was challenging due to permafrost, but appraisal drilling yielded commercial flows of oil, gas, and condensate.
- The discovery highlights that Russia's resource base is far from fully explored, with potential for more large deposits in regions like the Arctic and Eastern Siberia.
- Compared to European standards, this field is enormous; Poland's largest recent discovery is less than half its size.
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