U.S. oil major Chevron is examining options to acquire parts of the sanctioned Russian company Lukoil’s global asset portfolio, five sources familiar with the discussions told Reuters. Last week, the U.S. Treasury gave potential buyers permission to hold talks with Lukoil regarding its foreign assets.
If it proceeds, Chevron would join private equity giant Carlyle and other interested bidders looking at Lukoil’s international portfolio, valued at a minimum of 20 billion dollars. The United States issued sanctions last month against Lukoil and Rosneft as part of President Donald Trump’s strategy to push Moscow toward peace negotiations with Ukraine.
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Chevron targets overlapping operations
According to the sources, Chevron is exploring possible acquisitions only in regions where the companies’ portfolios overlap, rather than pursuing Lukoil’s entire international portfolio. The sources requested anonymity because they are not authorized to speak publicly. Chevron stated that it complies with all applicable laws and does not comment on commercial matters.
Lukoil accounts for roughly 2% of global oil production, with its international operations representing 0,5% of world output and valued at around 22 billion dollars, according to 2024 filings. Its assets include three refineries in Europe, stakes in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, as well as hundreds of fuel stations worldwide, including in the United States.
Key holdings include a 13.5% stake in Kazakhstan’s Karachaganak field and 5% in the Tengiz field, both of which also involve Chevron, Exxon Mobil, Eni and Shell. These fields supply crude to the CPC pipeline, which transports more than 1.6 million barrels per day — around 1.5% of global demand.
Lukoil also holds an interest in Nigeria’s offshore OML-140 license, operated by Chevron, and operates the West Qurna 2 project in Iraq, adjacent to West Qurna 1, long overseen by Exxon.
Photo: Hart Energy
