Chevron, Quantum Energy Eye Lukoil’s Global Assets in $22B Bid

(Credit: Lukoil)

U.S. oil major Chevron and private equity group Quantum Energy Partners are teaming up to bid for the international assets of Russian oil major Lukoil, which are valued at $22 billion, the Financial Times reported on Wednesday.

“Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities," said a Chevron spokesperson in an emailed statement to Reuters, declining to comment on commercial matters.

"In all its activities, Chevron operates under a code of business ethics and complies with laws and regulations applicable to our business."

Quantum, Lukoil and the White House did not immediately respond to requests for comment.

Reuters reported in November that Chevron was studying options to buy Lukoil's global assets, likely to be among the biggest energy acquisitions since sanctions were imposed on Russia for its invasion of Ukraine.

Reuters also reported in December that Saudi Arabia's Midad Energy was one of the leading contenders to buy Lukoil's international assets.

If a deal is reached, Chevron and Quantum plan to split Lukoil's assets between them, the FT said.

(Reuters - Reporting by Gnaneshwar Rajan in Bengaluru; additional reporting by Shadia Nasralla; Editing by Mrigank Dhaniwala, Sonia Cheema and Elaine Hardcastle)