London: Russian oil company Gazprom Neft announced on Wednesday the discovery of a major new oil field on the Yamal Peninsula, with estimated geological reserves of 55 million tons. The Yamal field discovery is the largest in 30 years, the company said in a statement carried by Russia Today.

According to Qatar News Agency, the newly discovered field carries a symbolic gesture, being named after renowned geologist Alexei Kontorovich. The Yamal Peninsula, located in western Siberia, Russia, is the country's largest source of natural gas. Geographically, it is a relatively young region, with its geological strata only a few thousand years old.