The oilfield containing an estimated 55 metric tons of crude oil is part of the Yuzhno-Novoportovsky and Saletinskly sections in the Yamal-Nenets Autonomous Area. It is named after Alexei Kontorovich who co-founded the national research school of oil and gas geology and organic geochemistry.

While drilling a 2,700-meter exploration well, specialists located commercial amounts of low-viscous and sweet crude oil, natural gas and gas condensate. Prior to the discovery, geologists studied local sections for three years using 2D and 3D seismic reconnaissance technologies; they also created geological and hydro-dynamic models of subsurface mineral resources.

According to experts, this discovery will help achieve goals of the national energy development strategy until 2050 prioritizing the development of new Arctic projects.