Exxon Mobil and Chevron are exploring the acquisition of parts of Lukoil’s international portfolio, a development that became public on November 18 2025 after the U.S. Treasury issued a license on November 14 2025 authorizing U.S. companies to negotiate with Lukoil until December 13 2025.
Lukoil’s foreign assets include stakes in Kazakhstan’s Karachaganak and Tengiz fields and the West Qurna 2 field in Iraq, together accounting for roughly 0.5 % of global oil production. These assets are attractive to Exxon because they fit the company’s strategy of acquiring low‑cost, high‑return upstream projects and would expand its footprint in Central Asia and the Middle East.
The move places Exxon in a competitive landscape that also includes Abu Dhabi National Oil Company and Carlyle Group, all seeking to acquire Lukoil’s assets as the Russian company divests under sanctions pressure. The Treasury license specifically permits U.S. entities to negotiate, providing a legal pathway for Exxon to acquire assets that would otherwise be blocked.
Strategically, acquiring Lukoil’s assets would add proven reserves and existing production infrastructure to Exxon’s portfolio, diversifying it beyond its current focus on the Permian Basin and Guyana and potentially boosting production capacity while reducing exposure to U.S. commodity volatility.
The deal remains in exploratory stages, with financial terms and specific asset targets undisclosed. Exxon has declined to comment, and no definitive timeline for a transaction has been set, but the license’s expiration on December 13 2025 creates a limited window for negotiations, adding urgency to the process.
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