ExxonMobil Shows Interest In Acquiring Lukoil Foreign Assets

By Naija Enquirer Staff

ExxonMobil is reportedly exploring potential acquisitions of Lukoil’s overseas oil assets following fresh clearance by the U.S. Treasury to begin negotiations with the Russian oil giant. According to informed industry sources, the U.S. major is eyeing projects where both companies already hold active stakes.

Focus on Kazakhstan and Iraq

Exxon is said to be examining opportunities in Kazakhstan, where both firms share stakes in the Karachaganak and Tengiz oil fields. Another partner in these assets, Chevron, is also studying possible acquisition options, Reuters reported.

Additionally, Exxon is considering a potential bid for Iraq’s West Qurna 2 oilfield, operated by Lukoil and regarded as one of the company’s most valuable foreign holdings. Exxon previously operated the neighboring West Qurna 1 project before its exit last year, but declined to comment on the new developments.

Growing List of Interested Buyers

Interest in Lukoil’s foreign portfolio has grown rapidly after the U.S. Treasury granted temporary authorization for talks, effective until December 13. Alongside Exxon and Chevron, Abu Dhabi National Oil Company (ADNOC) and U.S. private equity firm Carlyle are reportedly evaluating potential bids.

Bloomberg earlier listed Abu Dhabi’s ADNOC and Exxon among top contenders, while sources confirmed to Reuters that Carlyle has also started exploring opportunities.

Lukoil’s Global Footprint

Lukoil currently owns three refineries in Europe, along with stakes in hydrocarbon-producing fields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria. The company also operates hundreds of fuel retail stations worldwide, including in the United States.

According to its 2024 filings, Lukoil’s foreign operations account for approximately 0.5% of global oil production, highlighting the strategic value of its international portfolio despite sanctions and market constraints.