Chevron Corporation (CVX) and private equity firm Quantum Energy Partners are putting together what could be one of the year's biggest energy deals: a $22 billion bid for Russian oil giant Lukoil's sprawling international operations.

The Assets at Stake

If this deal goes through, Chevron and Quantum would be splitting up quite the treasure chest. According to the Financial Times, we're talking about a portfolio that includes oil and gas production facilities, refining operations, and more than 2,000 fuel stations scattered across Europe, Asia, and the Middle East. Not exactly pocket change.

Quantum Energy Partners, helmed by Texas oil magnate Wil VanLoh, is taking the lead on this bid. The firm is working alongside Artemis Energy, its London-based portfolio company, to pull the deal together. The plan isn't a quick flip either—both companies intend to own and operate these assets for the long haul.

The Competition Heats Up

Chevron and Quantum aren't the only players circling Lukoil's non-Russian assets. Carlyle and Abu Dhabi-based conglomerate International Holding Company are also in the mix, sizing up their own bids.

The sale process officially kicked into gear last November after Swiss commodities trader Gunvor backed out of its own deal with Lukoil. The reason? Opposition from the Trump administration, which has been tightening the screws on Russian energy companies.

Chevron, Quantum Energy, and Lukoil have not yet commented on the reported bid.

Sanctions Open the Door

This potential acquisition comes on the heels of sweeping sanctions the Trump administration slapped on Russian oil giants Rosneft and Lukoil back in October. Those sanctions represented a major escalation—cutting both companies off from the U.S. banking system and effectively freezing their ability to operate in Western markets.

But here's the twist: the U.S. Treasury Department has granted special permission for companies to negotiate with Lukoil through January 17. That narrow window explains why potential buyers are moving quickly.

Chevron's Recent Momentum

Meanwhile, Chevron has been making waves beyond this Lukoil bid. The company's involvement in the recent military strike on Venezuela—which resulted in President Nicolás Maduro's capture—sent its stock price surging.

According to MarketDash's proprietary data, Chevron holds a momentum rating of 59.74% and a value rating of 80.24%. Over the past year, the stock climbed 4.65%, though it took a 4.46% hit on Tuesday to close at $156.54.