Interest in Lukoil's International Assets

ExxonMobil and Abu Dhabi National Oil Company (Adnoc) have reportedly joined other industry players, including The Carlyle Group and Chevron, in expressing interest in acquiring international assets from the sanctioned Russian company Lukoil. This growing interest comes as Lukoil is said to prefer selling its overseas assets as a single package ahead of sanctions scheduled to take effect on 13 December. However, some potential buyers are understood to be interested only in specific assets rather than the entire portfolio.

Asset-Specific Evaluations

ExxonMobil and Chevron are reportedly evaluating Lukoil's stake in the West Qurna 2 field in Iraq. Meanwhile, Adnoc's international investment unit, XRG—which recently failed in a consortium bid to acquire Santos—is said to be considering various Lukoil assets, with a particular focus on the Russian company's natural gas operations in Uzbekistan. These evaluations highlight the targeted approach some companies are taking toward Lukoil's diverse international holdings.

Company Responses and Previous Divestment Attempt

Chevron stated that it operates under a code of business ethics and complies with applicable laws and regulations but declined to comment on commercial matters or third-party statements. Similarly, ExxonMobil and Adnoc also declined to comment on the reports. Lukoil's international assets, valued at approximately $22 billion based on 2024 filings, had initially agreed to divest its entire international business to Swiss commodities trader Gunvor Group, but this transaction was blocked by the administration of US President Donald Trump.