January 07, 2026 [Oil Price]- Chevron and Quantum Energy Partners have teamed up on a joint bid for the international assets of Russian oil major Lukoil, estimated to be worth $22 billion, the Financial Times reported today without going into detail about the bid.

Reuters noted in its own report on the FT news that Chevron has been mulling over a bid for Lukoil’s global businesses since November last year. According to the FT report, the plan was to buy the assets and then split them with Quantum Energy Partners.

The assets, including both upstream and downstream operations across the globe, were put on the market after the United States imposed sanctions on Lukoil and Rosneft in November. The first bidder was Swiss commodity major Gunvor, which President Trump called a Russian “puppet”, and which withdrew its bid after that.

Since then, Chevron, Exxon, Hungarian MOL, Emirati International Holding Company, and private equity major Carlyle have come forward as potential suitors for Lukoil’s foreign business, among others, including Saudi Midad Energy. Carlyle was reportedly in talks with Lukoil for the purchase, but it appears these broke down at some point, judging by the lack of any updates after October last year.

Lukoil signaled it was open to accepting one bid, submitted by a consortium of companies led by investment bank Xtellus Partners, but the U.S. federal government refused to give the green light to that deal.

Lukoil has faced escalating restrictions on its global operations since the onset of Western sanctions following Russia’s invasion of Ukraine. The company holds a range of international upstream and downstream assets across Europe, the Middle East, and Africa, including refineries in Italy and the Netherlands, and upstream stakes in Iraq, Uzbekistan, and West Africa. The company operates a network of more than 2,000 fuel stations across the world.