Exxon Mobil, the U.S. oil major, is weighing the acquisition of parts of Lukoil’s international assets, joining Chevron Corp in exploring purchase options. Lukoil’s global portfolio comprises 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 United States.
Sources say Exxon is evaluating 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. In addition, Exxon may consider bidding for the West Qurna 2 field in Iraq, Lukoil’s most valuable asset, which the Russian firm currently operates. Notably, Exxon previously managed the neighboring West Qurna 1 project before exiting last year.
The U.S. Treasury’s recent clearance for companies to discuss deals with Lukoil has spurred a growing list of potential bidders for the Russian firm’s global assets. The authorization, valid through December 13, has attracted interest from entities such as private‑equity firm Carlyle and Abu Dhabi National Oil Company (ADNOC). Bloomberg reported earlier that Exxon and ADNOC are exploring opportunities to acquire Lukoil assets.
Lukoil’s foreign holdings represent roughly 0.5 % of global oil production, according to the company’s 2024 filing. While Exxon declined to comment on its interest, the development signals a significant shift in the global energy landscape, with major players reassessing portfolios and seeking new opportunities amid evolving market conditions. With the Treasury’s authorization in place, the next steps are likely to involve further negotiations and potential deals that could reshape the industry.
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