Imagine making a fortune in one of the most controversial corners of the internet, then quietly pivoting to one of the oldest and most powerful industries on the planet. That’s exactly the move an Austrian billionaire is considering right now.
Bernd Bergmair, the elusive former majority owner of the world’s biggest adult entertainment platform, has approached the United States Treasury with a bold proposition: he wants to buy chunks of Lukoil’s international empire. Yes, you read that right – the same Lukoil that has been squeezed by fresh sanctions and is now being forced to offload prized assets abroad.
In a world where energy security, geopolitical chess, and raw entrepreneurial ambition collide, this might just be one of the wildest plot twists of the year.
From Adult Entertainment to Crude Oil: The Unlikeliest Pivot?
Bergmair’s name rarely appears in headlines. He’s the definition of low-profile wealth. For years he held the controlling stake in the parent company behind one of the internet’s most visited sites, raking in profits while staying completely out of the spotlight. When he cashed out, few outside the industry even noticed.
Now, apparently, he’s ready for a very different kind of empire.
Speaking to reporters, the Austrian tycoon was surprisingly candid about his interest in Lukoil International GmbH. “Obviously it would be a great investment,” he said, before adding the usual disclaimer that he doesn’t comment on potential deals. But the approach to the Treasury has already been made, and that alone speaks volumes.
“Anybody would be fortunate to have the privilege of owning those assets.”
– Bernd Bergmair
It’s the kind of sentence that sounds perfectly reasonable in a boardroom but absolutely surreal when you consider the source.
Why Lukoil Assets Are Suddenly Up for Grabs
The short version: new U.S. sanctions have put enormous pressure on Russian energy giants. Lukoil, despite being privately owned and historically less aligned with the Kremlin than some peers, has not escaped the dragnet. Its overseas projects – from massive oilfields in Iraq to refineries in Europe – are now on the block.
Last month the Treasury quietly opened the door for serious buyers to start negotiations. That green light triggered immediate interest from the usual suspects – American supermajors with deep pockets and decades of experience in complicated jurisdictions.
But Bergmair’s entry changes the narrative entirely.
The Crown Jewel: West Qurna 2 in Iraq
At the center of the drama sits West Qurna 2, one of Iraq’s super-giant oilfields. Current production sits comfortably above 400,000 barrels per day – real money in anyone’s language. Lukoil owns a 75% stake, with the Iraqi government holding the rest.
Baghdad has already stepped in to run day-to-day operations and pay salaries directly, a clear signal that the old arrangement is over. Now the oil ministry is inviting competitive bids from U.S. companies, and reportedly several have already started due diligence.
- Field located in southern Iraq, close to Basra
- One of the largest undeveloped reserves discovered in decades
- Peak potential estimated at nearly 2 million barrels per day
- Existing infrastructure worth billions already in place
For context, a 75% stake in a field pumping 400,000 bpd at current prices generates something in the neighborhood of $9–10 billion in gross revenue per year. Even after taxes, royalties, and operating costs, we’re still talking about an asset that throws off cash like few others on the planet.
No wonder the line of interested parties is growing by the day.
The Deal That Wasn’t: Gunvor and the “Russian Puppet” Label
Before Bergmair or the American giants stepped forward, there was another bidder in pole position: commodity trading house Gunvor. A preliminary agreement worth around $22 billion was already on the table.
Then the Treasury dropped a bombshell. Officials publicly labeled Gunvor a “Kremlin puppet” and made it clear no license would be granted as long as the war continued. The deal collapsed almost overnight.
In my view, that episode sent a crystal-clear message to anyone thinking about snapping up Russian assets on the cheap: Washington intends to control who ends up owning these strategic pieces, and it won’t hesitate to play hardball.
What Bergmair Brings to the Table
On paper, the Austrian billionaire is an outsider in the oil patch. He has no public track record running refineries or drilling wells. But money is money, and he certainly has plenty of it.
More importantly, he appears to understand the new rules of the game. Approaching the Treasury early, signaling willingness to play by American guidelines, and keeping a relatively clean public profile – these are not accidents. They’re the moves of someone who has done the homework.
There’s also the not-so-small matter of diversification. After exiting the adult industry, deploying capital into hard assets backed by decades of proven reserves makes strategic sense. Oil might be volatile, but it’s a different kind of volatility than the regulatory and reputational risks he’s leaving behind.
The Bigger Picture: Sanctions, Energy, and Geopolitics
Let’s zoom out for a second. What we’re watching isn’t just a rich guy shopping for trophy assets. It’s the latest chapter in a massive forced restructuring of global energy ownership.
Russian companies built international portfolios over two decades, often in places Western majors couldn’t or wouldn’t go. Now those portfolios are being unwound under pressure, and the beneficiaries will largely be companies – or individuals – willing to align with U.S. policy objectives.
Whether that’s fair or effective is a debate for another day. What’s undeniable is the scale. Billions of dollars in producing assets, refineries, and exploration blocks are changing hands, often at discounts that won’t be seen again in our lifetimes.
Who Ultimately Wins?
Three broad camps are in the race right now:
- Traditional American supermajors with technical expertise and government relationships
- Deep-pocketed private investors like Bergmair who can move faster than corporations
- Regional state-owned companies (especially in the Middle East) that may try to partner with Western buyers
My money – if I had to guess – is on a hybrid outcome. The most sensitive and strategic assets will probably end up with U.S. or close-allied majors. Less critical pieces might go to private buyers who pass the Treasury’s vetting process.
Either way, the next six months could see some of the largest energy transactions in a generation.
And at least one of those transactions might have a very unconventional new player sitting across the table.
In a strange way, it feels fitting. The global energy market has always attracted larger-than-life characters. Maybe it’s time for a new name to join the club – even if his previous empire was about as far from oilfields as you can possibly get.
Stranger things have happened in this industry. A lot stranger.
One thing is certain: the next chapter of the Lukoil fire sale is going to be fascinating to watch.
