• Chevron is evaluating the purchase of selected Lukoil overseas oil assets that overlap with its existing operations.

• The U.S. Treasury has authorized negotiations with Lukoil until 13 December 2025 under a license covering the sale of foreign assets.

• Lukoil seeks to divest an international portfolio valued at $22 billion and representing about 0.5% of global crude output.

Chevron is examining the possible acquisition of some of Lukoil’s international oil assets, according to information reported on Monday, 17 November, by international media citing several sources close to the matter. The U.S. group is reportedly targeting only assets that overlap with its existing operations.

The targeted zones include countries where both companies already operate. In Kazakhstan, Lukoil holds stakes in the Karachaganak and Tengiz fields alongside other majors. Another area of interest involves Nigeria’s offshore OML-140 license, which Chevron operates and in which Lukoil also holds a stake.

This process follows the U.S. Treasury Department’s authorization for discussions with Lukoil regarding the sale of its foreign assets. According to Lukoil’s 2024 financial disclosures, the portfolio is valued at about $22 billion and represents roughly 0.5% of global crude production.

The authorization granted by Washington allows potential buyers, including Chevron, to begin negotiations with Lukoil until the license expires on 13 December 2025, according to sources cited by international media. It remains unclear whether formal talks have begun or whether the process will lead to a deal.

Lukoil aims to sell part of its international assets following new U.S. sanctions adopted in 2025 that further restrict its overseas revenues. The U.S. Treasury recently tightened measures targeting Russian energy companies while creating a framework that allows the controlled sale of foreign assets.

Chevron is not the only entity considering a bid for Lukoil’s foreign assets. In mid-November, Agence Ecofin reported that The Carlyle Group is also reviewing options to acquire the same assets.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange Jason Quenum