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article imageGigantic oilfield located in Russia

By Gordon K. Chan     Jan 28, 2010 in World
Moscow -- An important oilfield discovery in East Siberia has been announced. Russia's largest oil company, Rosneft, states over 150 million tonnes, or 1.1 billion barrels, of oil has been found.
Russia is the world's largest oil producer, and on announcement of a massive oil find, it appears it may stay that way.
Reported in The New York Times, the discovery is significant, as this new found oilfield accounts for 30 percent of the entire 2009 production. Last year, the country produced an aggregate of 494 tonnes of oil (3.6 billion barrels).
An expert states, "The field is large and is near the ESPO pipeline, which is designed to ship Russian oil to eastern markets".
The oilfield will be declared "strategic", therefore foreign firms that would like to develop the area would require national government approval.
The discovery is expected to add 4 percent to Rosneft's proven and probable reserves. The state-run company's stock prices surged 3.7 percent on announcement of the discovery.
Oil accounts for one-third of Russia's exports. The country surpassed Saudi Arabia for the globe's top producer in 2009 and has reportedly occupied the lead several times since 2002.
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