UPDATE 1-ConocoPhillips CEO says committed to Russian oil

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By Tanya Mosolova

SOUTH KHYLCHUYU, Russia, Aug 28 (Reuters) - U.S. oil major ConocoPhillips (COP.N) plans to stay in Russia for decades as it seeks new investment opportunities with partner LUKOIL and rival energy companies, its chief executive said on Thursday.

James Mulva told reporters that ConocoPhillips, the 20-percent-owner of the second largest Russian oil firm, LUKOIL (LKOH.MM), would study the possibility of teaming up with gas export monopoly Gazprom (GAZP.MM) and leading Russian oil company Rosneft (ROSN.MM) in future.

"ConocoPhillips has made substantial investments in Russia and we hope to stay here for decades to come," Mulva said at the official launch of an Arctic oil field near Russia's Barents Sea coast.

The South Khylchuyu field is operated by Naryanmarneftegaz, a joint venture owned 70 percent by LUKOIL and 30 percent by ConocoPhillips, and will be the main driver of the Russian firm's expected production growth to the end of this decade.

"LUKOIL and ConocoPhillips are looking at other opportunities, both inside and outside Russia, to develop our relationships," Mulva said.

"We have special relationships with LUKOIL but it's not exclusive. We do look at opportunities through which we can make investments with Gazprom, Rosneft and other companies," he said, without giving any more details. (Reporting by Tanya Mosolova, writing by Robin Paxton, editing by Anthony Barker)