Exxon Mobil (XOM) and Abu Dhabi National Oil Co. are among companies interested in buying international assets of sanctioned Russian oil firm Lukoil, Bloomberg reported Tuesday, added to a list that already includes Chevron (CVX) and Carlyle Group (CG), according to previous reports.
Some potential buyers are said to be interested only in specific assets, but a potential problem is that Lukoil favors selling the assets as a single package ahead of sanctions due to take effect December 13, according to the report.
Exxon (XOM) and Chevron (CVX) reportedly are exploring Lukoil’s stake in the West Qurna 2 field in Iraq, while Adnoc’s international investment unit XRG is said to considering various Lukoil assets, with particular interest in the Russian firm’s natural gas operations in Uzbekistan.
Lukoil extracts ~2% of global oil production at home and abroad, and has said it is seeking buyers for its international assets, which are estimated to be worth ~$22 billion based on 2024 filings; it had agreed to sell the entire international business to Gunvor Group, but the deal was blocked by the Trump administration.