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

Feb 2 (Reuters) - Carlyle Group CG.O has agreed to an initial deal 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.

Carlyle has begun exploratory talks with UAE investors to bring in partners should its agreement with Lukoil proceed, sources told Reuters.

The proposed 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 an initial deal to acquire most of Lukoil's international portfolio, including oilfields, refineries and fuel stations, but not its Kazakh assets. The deal remains subject to OFAC clearance and other regulatory approvals.

• VAROPreem (2025) - Varo Energy, backed by Carlyle and the world's trading house Vitol, last year agreed to buy Swedish refiner Preem , betting on growing demand for biofuels. VARO Energy was acquired by Carlyle in 2012 alongside Vitol and operates downstream energy and refining assets across Europe.

• 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.

• MOEVE (formerly Cepsa, 2019) - Carlyle acquired a 37% stake in the Spain-based energy company, with Abu Dhabi's Mubadala remaining as majority shareholder. MOEVE operates a large, integrated energy platform spanning refining, fuels, chemicals and energy transition businesses across Europe and other international markets.

• Black Sea Oil & Gas (2015) – Carlyle acquired the Romania-based company in 2015. Black Sea Oil & Gas is an independent offshore producer focused on developing and operating natural gas resources in the Black Sea.