U.S. energy major Chevron (NYSE:CVX) is working with private equity firm Quantum Energy Partners on a potential bid for the international assets of Russian oil producer Lukoil, which are estimated to be worth about $22 billion, according to a report by the Financial Times on Wednesday.
In a statement emailed to Reuters, a Chevron spokesperson said: “Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities,” while declining to comment further on commercial specifics. The spokesperson added: “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 were not immediately available to comment on the report.
Reuters reported in November that Chevron had been evaluating options to acquire Lukoil’s international assets, a transaction that could rank among the largest energy deals since sanctions were imposed on Russia following its invasion of Ukraine. In a separate report in December, Reuters said Saudi Arabia’s Midad Energy was also among the frontrunners interested in acquiring Lukoil’s overseas portfolio.
According to the Financial Times, should an agreement be reached, Chevron and Quantum would divide Lukoil’s international assets between them.