US oil major Exxon Mobil is considering acquiring parts of sanctioned Russian oil company Lukoil’s international assets, joining Chevron Corp in exploring potential purchase options. Lukoil’s global portfolio includes three European refineries, stakes in oilfields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, as well as hundreds of retail fuel stations worldwide, including in the United States.
According to sources, Exxon is evaluating options for Lukoil’s assets in Kazakhstan, where both companies have interests in the Karachaganak and Tengiz fields. Chevron, also a partner in these assets, is similarly assessing potential acquisition opportunities. Additionally, Exxon may consider bidding for the West Qurna 2 field in Iraq, Lukoil’s most valuable asset, which the Russian company operates. Notably, Exxon previously managed the neighboring West Qurna 1 project before exiting last year.
The US Treasury’s recent clearance for companies to engage in talks with Lukoil has prompted a growing list of potential bidders for the Russian firm’s global assets. The authorization, valid through December 13, has sparked interest from various entities, including US private equity firm Carlyle and Abu Dhabi National Oil Company. Bloomberg reported earlier that Exxon and Abu Dhabi National Oil Company are exploring opportunities to acquire Lukoil assets.
Lukoil’s foreign assets account for approximately 0.5% of global oil, based on the company’s 2024 filing. As the situation unfolds, Exxon declined to comment on its potential interest in Lukoil’s assets. The development marks a significant shift in the global energy landscape, with major players reassessing their portfolios and exploring new opportunities amidst evolving market conditions. With the US Treasury’s authorization in place, the next steps will likely involve further negotiations and potential deals, potentially reshaping the industry’s landscape.
