Conoco president thinks Russian oil sector will need $ 50 bn by 2005

Conoco's President John Kapps estimates the requirement for investment in the Russian oil and gas sector at $ 50 bn between 2000-2005. That figure should be tripled by 2010. Conoco has invested around $ 500 mm in Russia since 1991.
Russian oil deposits in the Timan-Pechora province and in the Far North are most attractive for Western investors, said Conoco President John Kapps. Conoco also plans to take part in the development of deposits on the Sakhalin shelf.