US oil giant Exxon Mobil is evaluating potential acquisitions of Russian Lukoil overseas assets, sources familiar with the talks told Reuters. This places Exxon Mobil alongside rival Chevron, which is also reviewing opportunities to buy portions of Lukoil’s international portfolio.
Exxon Mobil’s interest is reportedly focused on Kazakhstan. The company already shares stakes with Lukoil and Chevron in the major Karachaganak and Tengiz oil fields. Chevron, a long-time partner in these ventures, is also analyzing possible deals for the Russian company’s holdings, Reuters reported earlier this week.
The latest developments follow a Bloomberg report on Tuesday that Exxon Mobil and Abu Dhabi National Oil Company (ADNOC) have both shown preliminary interest in parts of Lukoil’s international business. No final decisions have been made, and all companies have declined to comment on the ongoing deliberations.
The US has imposed sanctions on Lukoil and Rosneft, Russia’s two largest oil companies, for their role in financing Moscow’s war effort. These restrictions have significantly disrupted Lukoil’s overseas operations, which account for roughly 0.5% of global oil supply.
Consequently, Lukoil is moving to divest its international portfolio and is currently reviewing offers under a wind-down license issued by the U.S. Office of Foreign Assets Control (OFAC).
Pressure on Lukoil intensified after a planned asset sale to Swiss trader Gunvor collapsed just before a US deadline requiring businesses to halt dealings with the company.
