• Lukoil plans to divest all its overseas assets, including projects in Africa.

• The move affects stakes in Nigeria, Ghana, Congo, and Egypt.

• The sale follows Western sanctions restricting the company’s foreign operations.

Russian oil company Lukoil announced on October 27 the launch of a process to sell all its assets held outside Russia. The company cited restrictive measures imposed by several Western countries that have hampered the management of its international operations.

The decision covers an energy portfolio spread across multiple continents, including several oil assets in Africa. Lukoil holds stakes in various exploration and production blocks on the continent. In Nigeria, the company owns 20% of block OPL 245 in partnership with Italy’s ENI and Nigeria’s state oil company, NNPC Ltd.

In Ghana, the group holds a 38% interest in the Deepwater Cape Three Points block, operated by Aker Energy. It also owns about 25% of the Marine XII block in Congo-Brazzaville, operated by ENI. In Egypt, the company has several onshore and offshore concessions in the Western Desert and the Gulf of Suez.

These holdings, acquired between 2005 and 2021, form a significant part of its international investments, which extend beyond Africa to the Middle East, Europe, Central Asia, and Latin America. This portfolio represented about 15–20% of the group’s global production in 2024, according to the company.

The move comes amid international economic sanctions targeting Russian companies since February, following the invasion of Ukraine. These restrictions have limited Lukoil’s access to financing, technical services, and oilfield technologies.

In response, the company said it has initiated the sale of its international assets under a U.S. “wind-down” license issued by the Office of Foreign Assets Control (OFAC), which allows the gradual divestment of sanctioned holdings.

Lukoil said the step aims to preserve operational stability and refocus its activities on markets where it can operate fully—primarily in Russia.

The sale opens opportunities for new public or private investors interested in already developed oil blocks. Partners including ENI, GNPC, NNPC Ltd, and SNPC are expected to define transfer terms and ensure continuity of operations. Lukoil has not disclosed the estimated value or timeline of the divestments.