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
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
