Russian energy giant Rosneft has discovered oil with its US project partner Exxon Mobil in the Arctic.

It said drilling at the Universitetskaya-1 well in the Kara Sea region of the Arctic Ocean was completed in a “record-breaking” one and a half months.

Igor Sechin, Head of Rosneft said: “I can inform you about the discovery of the first oil/gas-condensate field in the new Kara sea oil province. The first oil was extracted.”

He added the well could access around 338 billion cubic meters of gas and more than 100 million tonnes of oil.