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Sources: Chevron is a contender to buy Lukoil assets.

Five sources familiar with this process said on Monday that U.S. major oil company Chevron was examining options to purchase global assets from sanctioned Russian oil giant Lukoil.

Last week, the U.S. Treasury cleared potential buyers to speak to Lukoil regarding foreign assets. Chevron will join Carlyle, and other firms to compete for Lukoil's portfolio of at least $20 billion.

Last month, the United States imposed sanctions against Russia's two largest oil companies, Lukoil & Rosneft, in an effort by President Donald Trump’s administration to force Moscow to peace talks with Ukraine.

Five sources confirmed that Chevron was looking at options to purchase assets from Lukoil in areas where they overlap, rather than buying the entire portfolio. The sources asked to remain anonymous as they were not permitted to speak with the media. Chevron has never been reported to have an interest.

Chevron stated that it adheres to all laws and regulations relevant to its business. It does not comment on any commercial issues.

Lukoil produces 2% of the world's oil at home, but also abroad. The company has announced that it is looking for buyers of its international assets. These produce 0.5% of oil globally and are valued at $22 billion based on filings from 2024.

Last week, sources said that Carlyle, a U.S. private equity firm, is looking at options to purchase Lukoil’s foreign assets.

Lukoil owns three refineries in Europe and oilfields in Kazakhstan (Uzbekistan), Iraq, Ghana, Egypt, Nigeria, Mexico and Kazakhstan. It also has hundreds of retail fuel station around the world.

Lukoil is a shareholder in both the Karachaganak and Tengiz fields in Kazakhstan. These fields are also owned by Chevron Exxon Mobil Eni Shell.

The fields are a major source of crude oil for the CPC Pipeline, which transports more than 1.6 millions barrels of crude per day, or 1,5% of the global demand for oil, to the global markets via Russia.

Lukoil has also a stake on the Nigerian offshore licence OML-140 that Chevron operates.

Lukoil operates the West Qurna 2 in Iraq where Exxon operated the West Qurna 1, which was located nearby, until last year. (Additional reporting from Jarrett Renshaw; Sheila Dang; Shadia Nasralla, Dmitry Zhdannikov, Jan Harvey, and Nik Williams).

(source: Reuters)