Chevron is weighing a purchase of selected global assets from Russian oil firm Lukoil, which is under U.S. sanctions. Sources familiar with the process say Chevron is focusing on assets where the two companies already overlap, rather than acquiring Lukoil’s entire portfolio.
Lukoil has a broad international presence, operating in Europe, Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria. Its holdings include three refineries, stakes in major oilfields, and hundreds of retail fuel stations worldwide. In Kazakhstan, Lukoil owns a 13.5% stake in the Karachaganak field and a 5% stake in the Tengiz field—both also held by Chevron, Exxon Mobil, Eni and Shell. These fields supply crude to the CPC pipeline, which moves more than 1.6 million barrels per day to global markets. Lukoil also holds a stake in Nigeria’s offshore license OML‑140, which is operated by Chevron.
The U.S. Treasury recently cleared potential buyers to discuss purchasing Lukoil’s foreign assets, estimated at a minimum of $20 billion. Chevron would join other interested parties, such as private‑equity firm Carlyle, in competing for the portfolio. The sanctions imposed on Lukoil and Rosneft last month were intended to pressure Moscow into peace talks over Ukraine.
Lukoil produces roughly 2 % of global oil output, while its international assets—accounting for about 0.5 % of world oil—are valued at around $22 billion. The Finnish petrol‑station chain Teboil, owned by Lukoil, anticipates a change in ownership as part of the Russian company’s divestiture plan. In Iraq, Lukoil’s involvement in the West Qurna 2 project is under discussion, with the Iraqi government considering a six‑month sanctions waiver to permit Lukoil to sell its stake.
Chevron’s interest underscores the continuing impact of U.S. sanctions on Russian oil firms. As negotiations progress, it remains uncertain which company will ultimately acquire Lukoil’s global assets and how the transaction will reshape the worldwide oil market.
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