ExxonMobil and three other global oil giants are among a number of companies examining Lukoil’s overseas assets ahead of new US sanctions coming into force next month, according to British broadcaster, BBC.
The Russian oil producer is under pressure to sell its international business before 13 December, when sanctions are due to take effect.
Several interested parties are assessing different elements of Lukoil’s global portfolio, according to people familiar with the talks.
However, one source said Lukoil “would strongly prefer to sell everything as a single package”, a stance that could complicate negotiations. It raises the prospect of a two-step deal in which a financial buyer takes over the full portfolio and then sells off assets individually over time.
People with knowledge of the matter say the Trump administration is also keen to see Lukoil’s assets bought by a US entity, a preference that may limit the pool of bidders. The US Treasury did not respond to a request for comment.
The company had previously agreed to sell its entire international arm to commodities trader Gunvor Group, but that deal was blocked by Washington in what one person described as “a dramatic intervention”.
ExxonMobil and Chevron are both looking at Lukoil’s stake in the West Qurna-2 field in southern Iraq. The site has recently experienced operational disruptions amid uncertainty over the company’s divestment plans.
ADNOC is reviewing several parts of Lukoil’s business, with particular interest in its natural gas operations in Uzbekistan, according to sources.
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