TPAO to acquire 15% stake in bp's Kirkuk project

Published Jul 29, 09:02 AM UTC

Türkiye Petrolleri Anonim Ortaklığı (TPAO) has agreed to acquire a 15% stake in BP Energy Company of Kirkuk (BP ECKL), expanding its role in redeveloping major oil and gas fields in northern Iraq's Kirkuk region. The deal was finalized during Iraqi Prime Minister Ali Al-Zaidi's official visit to Turkey. Following the transaction, bp will retain a 43% stake and remain the majority shareholder, after ConocoPhillips previously obtained a 42% stake. BP ECKL operates under a development and production contract covering the Baba and Avanah domes of the Kirkuk oilfield, as well as the Bai Hassan, Jambur, and Khabbaz fields. The contract envisions an initial production phase exceeding three billion barrels of oil equivalent, with additional exploration opportunities. The agreement builds on a February 2026 memorandum of understanding between bp and TPAO. bp CEO Meg O'Neill highlighted the long-standing partnership with TPAO and the strategic importance of the Kirkuk redevelopment for Iraq's energy ambitions.