Related Articles
Company profile
Forward article link
Share PDF with colleagues

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 u

Also in this section
North Sea's last hurrah
24 January 2018
M&A in the region picked up in 2017, but European output was still expected to wane
Saudi Aramco mixes it up
18 January 2018
While keeping oil at the core of its operations, Saudi Aramco is looking to a greener future and preparing to import gas for the first time
Long to-do list in Nigeria
18 January 2018
NNPC has expansion plans for its lucrative upstream, and hopes to stem losses in the downstream, as the company awaits major restructuring