Russian company discovers Arctic oilfield

Russia's crude oil producer Rosneft on Saturday announced that it discovered, jointly with ExxonMobil, an offshore hydrocarbon field in the Arctic area.
The field, the world's northernmost and largest light oil production site in the Arctic, is located in the East-Prinovozemelskiy-1 license area, some 250 km off the mainland Russia, the Russian TV reported, citing a statement by Rosneft. The field contains more than 100 million tonnes of oil and 338 billion cubic meters (BCM) of natural gas, it added, indicating that this discovery would strengthen Russia's position on the world oil market.