Russian oil giant Rosneft has discovered a new oilfield some 350km south of Iraqi capital Baghdad, said a report.

The new oilfield, named Salman, has been uncovered after more than a year of drilling in the unexplored region, reported The Moscow Times.

The new find will serve as an important step toward expanding the company’s operations outside Russia, stated the report, citing a Rosneft statement.

Rosneft had last year struck a number of deals in Iraqi Kurdistan, including the purchase of a majority stake in the region’s key oil pipeline that runs to Turkey and a deal to purchase oil until 2019, said The Moscow Times report.

Rosneft, run by President Vladimir Putin’s ally Igor Sechin, is a major investor in Iraqi Kurdistan and controls its oil pipelines, it added.