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You're reading: Reuters: Russia’s Rosneft finds first oilfield offshore eastern Arctic

Russia’s largest oil producer Rosneft (ROSN.MM) said on Sunday it had found its first oilfield in the Laptev Sea in the eastern Arctic, making a breakthrough in the search for hydrocarbons in the harsh and far-flung region despite Western sanctions.

Rosneft and its partners plan to invest 480 billion roubles (6.57 billion pounds) in developing Russia’s offshore energy industry in the next five years, part of a drive to boost output from new areas.

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