Published by Global Banking & Finance Review®
Posted on January 7, 2026
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleQuantum Energy Partners plans a bid for Lukoil's assets, possibly involving Chevron, in a major $22 billion energy deal amid Russian sanctions.
Jan 7 (Reuters) - Private equity group Quantum Energy Partners is working on a bid that could involve U.S. oil major Chevron for the international assets of Russian oil major Lukoil, a source familiar with the matter said.
Quantum is planning the move through its newly formed upstream acquisition unit Artemis Energy, the source said, which would be among the largest energy deals since Western sanctions were imposed on Russia following its invasion of Ukraine.
The Financial Times first reported on Wednesday that Chevron and Quantum were teaming up to bid for the assets, valued at $22 billion by Lukoil.
“Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities," said a Chevron spokesperson in an emailed statement to Reuters, declining to comment on commercial matters.
"In all its activities, Chevron operates under a code of business ethics and complies with laws and regulations applicable to our business."
Artemis declined to comment. Quantum, Lukoil and the White House did not immediately respond to requests for comment.
Artemis was formed by Gilad Myerson, the architect of Ithaca Energy which has become one of the largest independent producers in Europe in deals including the acquisition of Chevron’s North Sea portfolio. Both Myerson and Quantum have a history of transactions involving Chevron.
Reuters reported in November that Chevron was studying options to buy Lukoil's global assets.
Reuters also reported in December that Saudi Arabia's Midad Energy was one of the leading contenders to buy Lukoil's international assets.
If a deal is reached, Chevron and Quantum plan to split Lukoil's assets between them, the FT said.
(Reporting by Gnaneshwar Rajan in Bengaluru and Shadia Nasralla and Stephanie Kelly in London; Editing by Mrigank Dhaniwala, Sonia Cheema and Elaine Hardcastle)
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