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. Last Updated: 07/27/2016

New Siberia Oil Found

MOSCOW -- The authorities in Yakutia have confirmed reserves of some 100 million tons of oil in the Talakan deposit in the remote eastern Siberian region, the RIA news agency reported Wednesday.

So far, only a few thousand tons of oil have been extracted at test wells in the area, but the quality of the oil and the deposit's size could lead to large-scale production, RIA quoted experts as saying. Mineral-rich Yakutia also has deposits of diamonds, gold and other precious metals, natural gas and coal.