It is one of the biggest recent finds on the Russian shelf, says energy giant Rosneft.

The Russian energy company Rosneft has announced the discovery of a huge oil deposit in the Pechora Sea containing approximately 82 million tons of oil.

The field was discovered thanks to a drilling campaign in the Medynsko-Varandeysky area. “During the tests, a free flow of oil was obtained with a maximum flow of 220 cubic meters per day”, the company’s statement read Wednesday, noting that the “The oil is light, low in sulfur, low in viscosity.”

Rosneft noted that exploration work in the waters of the Pechora Sea demonstrated the “significant oil potential of the Timan-Pechora province on the platform and became the basis for continuing the study and development of the region.”

The company reportedly controls a total of 28 offshore licenses in the Arctic, including eight in the Pechora Sea.

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