Lukoil: Russia's sleeping giant
Lukoil’s move for Bashneft suggests the company is at last ready to use its cash pile and challenge Rosneft
FIVE years ago, when ConocoPhillips sold its stake in Lukoil for close to $10bn, the US firm complained that its investment in Russia's second-largest oil producer had failed to yield the access to the vast oil and gas reserves it had hoped for. ConocoPhillips's final departure last year seemed sensible too, given the near paralysis imposed on Russia's industry by sanctions and the growing dominance of state-controlled players. Now the US company might wonder. A joint-venture deal Lukoil agreed with Bashneft - just two months after ConocoPhillips offloaded its final shares - has brought new verve to Lukoil. It should increase its reserve base, for starters. It might also bring it out from un
Also in this section
20 February 2026
The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
20 February 2026
Europe has transformed into a global LNG demand powerhouse over the last few years, with the fuel continuing to play a key role in safeguarding the continent’s energy security, Carsten Poppinga, chief commercial officer at Uniper, tells Petroleum Economist
20 February 2026
Sempra Infrastructure’s vice president for marketing and commercial development, Carlos de la Vega, outlines progress across the company’s US Gulf Coast and Mexico Pacific Coast LNG portfolio, including construction at Port Arthur LNG, continued strong performance at Cameron LNG and development of ECA LNG
19 February 2026
US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
