Jan 29 (Reuters) - Carlyle Group (CG.O) is poised to acquire most of Russian oil producer Lukoil’s (LKOH.MM) foreign assets, initially valued at $22 billion by analysts.
Neither Lukoil nor Carlyle disclosed a price for the sale, which still requires approval from the Office of Foreign Assets Control, the U.S. agency that administers sanctions. The U.S. Treasury had given Lukoil until February 28 to divest its global portfolio.
The planned Lukoil purchase marks the latest expansion of Carlyle’s energy holdings, which already include stakes in U.S. proved developed producing (PDP) oil and gas assets, midstream infrastructure, and renewable energy platforms.
Below is a summary of Carlyle’s key energy assets and deals, highlighting its footprint across fossil fuels and clean energy:
Lukoil international assets (pending) – Carlyle has agreed to acquire most of Lukoil’s international portfolio, including oilfields, refineries and fuel station.
The deal remains subject to OFAC clearance and other regulatory approvals.
BASF Coatings business (2025) – Carlyle, alongside Qatar Investment Authority, struck a deal to buy a majority stake in BASF’s (BASFn.DE) coatings business, valuing the unit at 7.7 billion euros ($9.21 billion).
U.S. PDP oil and gas partnership (2025) - Carlyle, via its Asset-Backed Finance unit, has committed up to $2 billion with Diversified Energy to invest in existing proven developed producing U.S. oil and gas assets, focusing on long-life, cash-generating fields.
Carlyle ABF has deployed nearly $8 billion since 2021.
Revera Energy (2025) – Carlyle launched Revera Energy, an independent energy infrastructure solutions platform.
In Australia, Revera’s portfolio includes a 250 MW/700 MWh battery storage system under construction. It has a pipeline of more than 750 MW of additional battery storage, 2.3 GW of solar, 1.4 GW of wind, and a 1 GW green hydrogen project.
In the UK, Revera is advancing 1.2 GW of late-stage battery storage projects.
Amp Energy transition investment (2021)– Carlyle has committed about $374 million to Amp Energy’s global renewable platform, which has developed renewable generation capacity and is advancing additional projects and battery storage in late-stage development or construction worldwide.
SierraCol (2020) - Carlyle set up SierraCol in 2020 after buying assets from Occidental Petroleum (OXY.N) and its production of 45,000 barrels of oil equivalent per day make it the largest independent producer in Colombia. In 2025, Carlyle was seeking a buyer for SierraCol for around $1.5 billion.
NGP Energy Capital Management stake – Carlyle holds a significant ownership interest in NGP, a North American natural resources investment firm managing $25 billion in upstream and midstream energy assets. In 2012, Carlyle acquired a 47.5% revenue interest in NGP.

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Carlyle Group is set to acquire most of Lukoil's foreign assets, valued at $22 billion, pending regulatory approval. This acquisition expands Carlyle's energy portfolio, which includes U.S. oil and gas assets, midstream infrastructure, and renewable energy projects. Key investments include a majority stake in BASF's coatings business, a partnership with Diversified Energy for U.S. oil and gas, and the launch of Revera Energy for energy infrastructure solutions. Carlyle also has significant interests in renewable energy and natural resources through various platforms and partnerships.

Reuters

iShares US Oil & Gas Expl & Prod

SPDR O&G Ex & Prd

ISHRS S&P Glb Engy

VG Energy

Carlyle

SPDR Energy Select

BASF

Lukoil

FACTBOX-Carlyle's list of energy investments as it eyes Lukoil assets worth $22 billion