TPAO Acquires 15% Stake in BP’s Kirkuk Project
Türkiye Petrolleri Anonim Ortaklığı (TPAO) has agreed to acquire a 15% stake in BP Energy Company of Kirkuk (BP ECKL), expanding its involvement in the redevelopment of oil and gas fields in northern Iraq. The deal was finalized during Iraqi Prime Minister Ali Al-Zaidi’s official visit to Türkiye, following ConocoPhillips’ acquisition of a 42% interest earlier this year. After TPAO's investment, BP will retain a majority stake at 43%. BP ECKL operates under a development and production contract covering the Kirkuk oilfield and surrounding fields in Iraq, with an initial phase expected to produce over three billion barrels of oil equivalent. The agreement reinforces bp’s long-term strategy for capital allocation by partnering with experienced entities like TPAO. BP CEO Meg O'Neill emphasized that this deal strengthens a decades-long partnership between BP and TPAO across the Caspian region, supporting Iraq's energy ambitions through joint redevelopment efforts.
Topics: international partnerships Iraq energy sector oil and gas