This week’s deal between ENI and Rosneft to explore the Russian Arctic reveals the growing importance of offshore oil and gas, according to analysts.

This week the Italian and Russian energy firms said they would be looking for oil and gas together in the offshore Arctic region.

“It reflects the broader industry trend of International Oil Companies (IOCs) pushing the frontiers to secure hydrocarbon reserves,” said Peter Kiernan, Energy analyst at the Economist Intelligence Unit.

He added: “As with the offshore East African craze, Russia’s offshore Arctic is another frontier area attracting interest that highlights the growing importance of offshore oil and gas resources in meeting future global energy supply needs.”