Chevron Eyes Lukoil Assets

Chevron is studying options to buy global assets of sanctioned Russian oil firm Lukoil, five sources familiar with the process told Reuters on Monday.

The U.S. Treasury gave clearance last week to potential buyers to talk to Lukoil about foreign assets. Chevron would join Carlyle and other firms in the race for the Lukoil portfolio worth at least $20 billion.

The United States last month imposed sanctions on Russia's two biggest oil companies, Lukoil LKOH.MM and Rosneft ROSN.MM, as part of efforts by President Donald Trump's administration to force Moscow into peace talks with Ukraine.

Chevron is exploring options to buy assets of Lukoil where the companies overlap rather than the entire portfolio, the five sources said. They asked not to be named as they are not allowed to speak to media. Chevron's interest has not been previously reported.

Chevron said that it complies with laws and regulations applicable to its business and does not comment on commercial matters.
Lukoil extracts about 2% of global oil output at home and abroad, and has said it is seeking buyers for its international assets, which produce 0.5% of global oil and are estimated to be worth about $22 billion, based on 2024 filings.