Exxon, Carlyle, and ADNOC Line Up for Lukoil’s International Portfolio

American investors are showing strong interest in the overseas portfolio of Russia’s Lukoil, including assets located in Kazakhstan, Orda.kz reports.

According to Reuters, ExxonMobil is weighing a bid for several foreign projects owned by Lukoil. These include stakes in major Kazakh oil and gas fields such as Karachaganak and Tengiz, where both companies are already partners.

Sources also told the agency that U.S. investment firm Carlyle Group is examining the same assets. In addition, Exxon is considering joining a potential acquisition of the West Qurna-2 project in Iraq — one of Lukoil’s most valuable international holdings.

Exxon previously operated next door at West Qurna-1 before exiting the site last year.

Meanwhile, Bloomberg writes that the Abu Dhabi National Oil Company (ADNOC) has likewise entered the race, with particular interest in Lukoil’s gas assets in Uzbekistan.

Once the exemption expires, most transactions involving the Russian company will be blocked again.

However, negotiations may prove complicated. Bloomberg reports that Lukoil prefers to sell its international business as a single package, rather than asset-by-asset.

The outlet notes that for buyers interested only in individual projects, bundling creates difficulties. One scenario being discussed is for a financial investor such as Carlyle to purchase the entire portfolio and then resell the components.

Against this backdrop, Kazakhstani experts are questioning why the discussion centers almost entirely on the U.S. Treasury and not on Kazakhstan’s Ministry of Energy, given that the assets are located in Kazakhstan.

Energy analyst Olzhas Baidildinov highlighted that any change in ownership at Tengiz or Karachaganak may require approval from the ministry under the terms of the stabilized contracts.

He argues that a more logical outcome would be transferring Lukoil’s local stakes to KazMunayGas (KMG). If KMG lacks financing, he suggests attracting a strategic partner such as China’s CNPC, which currently holds only a stake in Kashagan.

Baidildinov emphasized that these are highly profitable assets: according to Rystad Energy, they could bring Lukoil up to $5 billion in net cash flow by 2030. If buyers acquire the stakes for $2–4 billion, he says, the investment could pay for itself within several years.

He also dismissed earlier rumors about a sale to Gunvor, noting that the U.S. had already made clear it would block such a deal.

Gunvor ultimately withdrew its offer, opening space for more “realistic” bidders such as Carlyle.

KazMunayGas, meanwhile, has a pre-emptive right to buy the shares — but both KMG and the Ministry of Energy insist they are not engaged in negotiations. Minister Yerlan Akkenzhenov said Karachaganak, Tengiz, and CPC remain outside Western sanctions lists and continue operating normally.

Another U.S. major, Chevron, has reportedly expressed interest as well.

The company is reviewing Lukoil’s 13.5% stake in Karachaganak and 5% stake in Tengiz, where Chevron already partners with Exxon, Shell, and Eni.

Original Author: Ruslan Loginov