Chevron and Quantum Energy prepare bid for Lukoil’s $22 B global assets

U.S. oil major Chevron and private equity firm Quantum Energy Partners are teaming up to bid for the international assets of Russian oil company Lukoil, valued at around $22 billion, the Financial Times reported on Wednesday, citing sources familiar with the matter.

According to the report, Chevron and Quantum plan to jointly pursue the acquisition and split Lukoil’s overseas assets between them if a deal is reached. The potential transaction would rank among the largest energy deals since Western sanctions were imposed on Russia following its invasion of Ukraine.

A Chevron spokesperson confirmed the company is evaluating opportunities but declined to comment on specific commercial matters.

“Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities,” the spokesperson said, adding that the company operates in compliance with applicable laws and regulations.

Quantum Energy Partners, Lukoil, and the White House did not immediately respond to requests for comment.

Reuters previously reported in November that Chevron was exploring options to acquire Lukoil’s international assets. In December, Reuters also said that Saudi Arabia’s Midad Energy was among the leading contenders for the same assets, highlighting strong global interest in Lukoil’s non-Russian portfolio.

Any deal involving Lukoil’s global assets would likely face significant regulatory and geopolitical scrutiny, given ongoing sanctions and the sensitive nature of energy transactions linked to Russia.