Chevron and Quantum Target Lukoil Foreign Assets

U.S. energy major Chevron has teamed up with private investment group Quantum Energy Partners to take part in a bidding process for Lukoil’s overseas assets, valued at about $22 bn, the Financial Times reports.

If the deal succeeds, Chevron and Quantum plan to divide the acquired assets between them. Chevron has previously explored the possibility of buying Lukoil’s foreign operations, while Saudi firm Midad Energy is also considered a potential bidder.

Lukoil’s decision to sell its international assets follows sanctions imposed by the US Treasury in October 2025. In Uzbekistan, the Russian company is involved in gas production across around ten fields and has built the Kandym gas processing complex.

Kursiv also reports that Tashkent is engaged in discussions with Washington regarding the assets of Russian oil company Lukoil in Uzbekistan.