CONOCOPHILLIPS has invested USD 500 mil in a 30% stake in a joint venture created with Russian company LOUKOIL (70%) to pump oil from the Timan-Petchora region (Northern Russia). The joint venture, called NARIANMARNEFTEGAZ, is expected to produce up to 200,000 barrels a day. CONOCOPHILLIPS holds more than 11% of LOUKOIL's shares, and is planning to boost its stake to up to 20%.