The proposed deal is said to value the assets at around $22 billion, with ownership expected to be shared between Chevron and Quantum, News.Az reports, citing the Financial Times.
The bid reportedly covers Lukoil’s entire non-Russian portfolio, including oil and gas production assets, refining facilities, and more than 2,000 fuel stations spread across Europe, Asia, and the Middle East.
Lukoil has been seeking buyers for its foreign holdings since the U.S. imposed sanctions on the company in October 2025, as part of broader efforts to pressure Moscow over the war in Ukraine. The sanctions significantly limited Lukoil’s ability to operate internationally, prompting the push to sell its overseas assets.
The portfolio includes stakes in major oilfields in countries such as Kazakhstan and Nigeria. To facilitate a sale, the U.S. Treasury Department has issued a general license allowing potential buyers to hold discussions with Lukoil regarding its non-Russian assets, after earlier attempts to sell the portfolio were blocked.
Chevron and Quantum are the latest groups linked to a possible acquisition. Other firms that have previously expressed interest include U.S.-based Carlyle Group, Abu Dhabi’s IHC, and Saudi Arabia’s Midad Energy.
According to the Financial Times, a senior U.S. government official has welcomed the proposed Chevron–Quantum deal.
