US supermajor Chevron and private equity group Quantum Energy Partners are reportedly forming a consortium to acquire the international portfolio of sanctioned Russian oil company Lukoil, with the assets valued at approximately $22 billion.

Consortium Structure and Target Assets

Quantum Energy Partners is leading the bid in collaboration with its London-based portfolio company, Artemis Energy. If successful, the partners would split a diverse portfolio that includes international oil and gas production operations, refining facilities, and filling stations.

Company Statements and Market Context

A Chevron spokesperson stated the company continuously assesses opportunities while operating under its code of business ethics and complying with all applicable laws and regulations, but declined to comment on specific commercial matters. Other entities that have reportedly expressed interest in Lukoil's assets include ExxonMobil, Adnoc, and the Carlyle Group.

Background on the Asset Sale

Lukoil, Russia's second-largest oil producer, confirmed its intention to sell its international assets following new US sanctions linked to the war in Ukraine. This decision came after sweeping US sanctions were imposed on Lukoil and compatriot company Rosneft in October 2025. A previous attempt by commodities trader Gunvor Group to acquire these assets was abandoned after the US indicated it would block any such deal.