According to Bloomberg, Exxon and Chevron are looking at
Lukoil’s stake in the Iraqi oil field West Qurna 2, which is operated by
Lukoil and considered the company’s most valuable foreign asset. Abu Dhabi National Oil’s investment arm, XRG, is reportedly evaluating various
assets, including
Lukoil’s natural gas operations in Uzbekistan. Reuters sources added that Exxon is also considering
assets in Kazakhstan, where both Exxon and
Lukoil hold stakes in the Karachaganak and Tengiz fields.
The pool of prospective buyers for Lukoil’s global holdings has expanded following the U.S. Treasury Department’s recent authorization allowing companies to enter negotiations for the Russian firm’s international assets, with the approval valid until December 13. Previously, Lukoil had agreed to sell its foreign operations to commodities trader Gunvor Group, but the Trump administration blocked that deal.
Lukoil accounts for roughly 2 percent of global oil production through its domestic and international operations. Its international portfolio, valued at around 22 billion dollars based on 2024 filings, includes three European refineries, stakes in oil fields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, as well as hundreds of gas stations worldwide, including in the United States. These foreign assets alone produce about 0.5 percent of the world’s oil output, according to the company’s latest filings.
