Chevron's executives have been central to the conversations with the White House that began last Friday amid strong pressure from Donald Trump to invest in the South American country. In parallel with these negotiations, Chevron and the private equity fund Quantum Capital have teamed up to present a takeover offer for the international assets of Russian oil company Lukoil, which is subject to various international and U.S. government sanctions due to the war in Ukraine. If the deal is confirmed, Chevron would gain significant momentum in Mexico as it would take control of the Salina Basin field, where Lukoil is the operator of this block in shallow waters, with a potential of 250 million barrels. In shallow waters, it would also add to its portfolio the Ichalkil and Pokoch fields, which the Russian company acquired in 2022. Once the deal is finalized, it will be known which assets Chevron will keep and which will go to the Quantum fund. The offer, led by the fund, is for all of Lukoil's international business and includes crude and gas production assets, refineries, and more than 2,000 gas stations spread across Europe, Asia, and the Middle East. Lukoil valued the business at $22 billion a few months ago. American oil company Chevron is at the center of the Venezuelan crisis. Chevron currently has a lubricants business in the country and a peripheral role in the gas station segment. Everything hinges on Venezuela, as the Financial Times reports, the deal needs the green light from the White House. Quantum was founded by Texas oil magnate Wil VanLoh. In addition to Chevron and Quantum, the Carlyle fund and the Abu Dhabi-based conglomerate International Holding Company have also made offers for Lukoil's international assets. Finally, the onshore Amatitlán block. For the government of Claudia Sheinbaum, beyond the sovereignty discourse, this would be good news: a sanctioned Russian company with severe operational problems would leave, making way for one of the world's major oil companies to step in with force. This is key for an administration seeking to attract more investment.
