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Exxon joins Chevron in pursuing parts of Lukoil global empire, sources say
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Exxon joins Chevron in pursuing parts of Lukoil global empire, sources say
Nov 18, 2025 5:38 PM

LONDON/NEW YORK, Nov 18 (Reuters) - U.S. oil major Exxon

Mobil ( XOM ) has joined rival Chevron Corp ( CVX ) in

considering options to buy parts of sanctioned Russian oil major

Lukoil's international assets, sources familiar with

the matter said.

Exxon is considering options for Lukoil assets in

Kazakhstan, where both the U.S. and the Russian firm have stakes

in the Karachaganak and Tengiz fields, the sources said.

Chevron ( CVX ), another partner in these assets, is also studying

options to buy them, Reuters reported on Monday.

Exxon might also study a potential bid for the West Qurna 2

field in Iraq, which is operated by Lukoil and is the Russian

firm's most-prized asset, two of the sources said. The U.S.

company had long been the operator of the neighboring West Qurna

1 project before exiting last year.

Exxon declined to comment.

The list of potential bidders for Lukoil's global assets has

been growing since the U.S. Treasury on Friday gave clearance to

companies to begin talks with Lukoil. The authorization lasts

through December 13.

Bloomberg reported on Exxon and Abu Dhabi National Oil

Company interest in Lukoil assets earlier on Tuesday.

U.S. private equity firm Carlyle is among those

exploring options to buy Lukoil's foreign assets, sources told

Reuters last week.

Lukoil has three refineries in Europe, stakes in oilfields

in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and

Nigeria, and hundreds of retail fuel stations around the world,

including in the United States.

The company's foreign assets extract about 0.5% of global

oil, based on 2024 filing.

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