Moscow, February 11 (QNA) - 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.

The newly discovered field carried a symbolic gesture, named after renowned geologist Alexei Kontorovich.

The Yamal Peninsula is located in western Siberia, Russia, and 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. (QNA)