MADRID (AP) -- Spanish energy company Repsol has announced what it says is a significant hydrocarbon discovery in a relatively unexplored part of West Siberia.

Repsol S.A. said Monday its joint venture in the region, with Russia's Alliance Oil Co Ltd, is one of its key strategic projects and an important potential area of growth.

The announcement of the find came as European governments consider imposing further sanctions on Moscow over its alleged help for Ukrainian separatists.

Repsol said in a statement that the discoveries in two blocs could produce 240 million barrels of oil equivalent in recoverable resources. The Spanish company said it has been exploring the blocs since 2010.

Russia is the world's second-largest crude producer after Saudi Arabia.

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