US oil company Chevron is exploring options to acquire overseas assets of sanctioned Russian oil firm Lukoil, according to sources familiar with the matter. Last week the US Treasury cleared potential buyers to discuss Lukoil’s international holdings.
Chevron would join private equity firm Carlyle and other companies in the competition for the Russian company’s portfolio, which is valued at roughly $20 bn. Sources said Chevron is focusing on areas where it overlaps with Lukoil rather than attempting to buy the entire international portfolio. Chevron has not publicly commented on the reports.
Lukoil produces about 2% of the world’s oil and has been seeking buyers for its overseas operations, which account for around 0.5% of global output and are valued at approximately $22 bn, based on 2024 filings.
Lukoil’s Global Assets
The Russian oil firm owns three European refineries, stakes in oilfields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, and hundreds of retail fuel stations worldwide, including in the US It holds 13.5% in Kazakhstan’s Karachaganak field and 5% in Tengiz, alongside Chevron, Exxon Mobil, Eni and Shell. These fields supply crude for the CPC pipeline, carrying 1.6 mln barrels per day or 1.5% of global oil demand.
Lukoil also has a stake in Nigeria’s OML-140 offshore license, operated by Chevron, and the West Qurna 2 project in Iraq. Iraq’s government is reportedly seeking a six-month sanctions waiver from the US to allow Lukoil more time to sell its stake. State ownership of Lukoil’s shares in the project has been ruled out.
Finland-based petrol chain Teboil, fully owned by Lukoil, said ownership changes are expected as part of the sale of Lukoil’s international holdings. Chevron’s interest marks its first reported involvement in the acquisition of Lukoil’s foreign assets, reflecting broader market moves following US sanctions on Russia’s top oil firms.
