Russia’s energy ambitions received a significant boost this week as Gazprom Neft announced the discovery of a massive new oil field on the Yamal Peninsula. With estimated geological reserves of 55 million tonnes, the find represents the largest discovery in the Russian Arctic in 30 years.
The newly identified deposit, located within the Arctic zone of the Yamalo-Nenets Autonomous Area, has been officially named the "Alexei Kontorovich" field. The title honours the late, legendary geologist who pioneered the scientific school of oil and gas geochemistry in Russia. According to a statement released by Gazprom Neft on Wednesday, February 11, 2026, the discovery confirms the high potential for expanding the company’s production cluster in the southern Yamal region.
"Both in the Arctic zone and in Eastern Siberia, as well as in many other regions, there are still opportunities to find new large and super-large hydrocarbon fields," stated Alexander Dyukov, head of Gazprom Neft, in a release carried by Xinhua. Dyukov emphasised that the company intends to maintain "intensive geological exploration" across all its operating regions to secure future output.
The discovery comes at a critical time for Moscow as it navigates a shifting global energy landscape. In April 2025, the Russian government approved its "Energy Strategy until 2050", which aims to stabilise oil production at approximately 540 million tonnes annually. Achieving this target requires a pivot toward "hard-to-recover" reserves, primarily located on the Arctic shelf and in remote northern territories.
Geologically, the Alexei Kontorovich field is noted for its high-quality crude. Early analysis indicates the oil is low-sulphur and low-viscosity, which generally translates to lower refining costs and higher market value. The Yamal Peninsula already serves as Russia’s primary hub for natural gas, and this discovery further cements the region’s status as the cornerstone of the country's hydrocarbon future.