ExxonMobil is exploring options to acquire assets controlled by the Russian oil giant Lukoil in Kazakhstan. Both the American and Russian companies own stakes in Karachaganak and Tengiz, the two giant oil projects in the country. Chevron, another partner in these assets, is also considering options for potential purchases, Reuters reported.
According to the news report, Exxon may also consider purchasing the West Qurna 2 field in Iraq, which is Lukoil’s most valuable asset. Exxon had operated the neighboring West Qurna 1 field for years before it quit the project last year.
Lukoil controls various assets around the globe, including three oil refineries in Europe; stakes in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria; as well as hundreds of gas stations worldwide, including in the U.S. The company’s 2024 financial statements indicate that its foreign assets account for approximately 0.5% of global oil output.
In October, some media outlets reported that Lukoil was planning to exit several international assets due to U.S. and U.K. sanctions. The company was reviewing incoming acquisition offers and intended to conduct transactions under a special OFAC license, which allows for a gradual wind-down of its operations.
Also in October, Gunvor Group, one of the world’s largest oil traders, offered to acquire Lukoil International GmbH, a 100% subsidiary of Lukoil. The Russian oil giant accepted the offer and committed not to conduct parallel negotiations with other buyers. However, Gunvor later publicly distanced itself from any ties to Russia and withdrew its offer.
In November, Lukoil encountered problems with bank payments in Kazakhstan due to U.S. sanctions against the company imposed in October.
On Nov. 18, 2025, KazMunayGas, the national oil company of Kazakhstan, stated that it was not negotiating the possible purchase of Lukoil’s stake in the Karachaganak project, despite Lukoil being targeted by Western sanctions.
