The Northern Territories are believed to hold recoverable reserves of more than one billion barrels of crude oil and two trillion cubic feet of natural gas, Conoco said. The full development of these resources could have a combined impact of $25 billion on the Russian economy. Lukoil and Conoco will deliver a formal plan to develop the Yuzhno-Khylchuyu field and a draft production sharing agreement to the Russian Fuel and Energy Ministry by mid-December.