bp Brings Türkiye's TPAO Into Kirkuk Oil Redevelopment Project
Turkish state energy company acquires 15% stake in joint venture as partnership expands to advance redevelopment of major northern Iraq oil and gas fields
ERBIL (Kurdistan24) — Energy giant bp announced on Tuesday that Türkiye Petrolleri Anonim Ortaklığı (TPAO), Türkiye's national oil and gas company, will acquire a 15% stake in the joint venture leading the redevelopment of several major oil and gas fields in the disputed province of Kirkuk, further expanding an international partnership aimed at boosting production from one of the country's largest hydrocarbon basins.
The agreement will see TPAO acquire a 15% interest in BP Energy Company of Kirkuk Limited (BP ECKL), the contractor responsible for implementing the Development and Production Contract covering the rehabilitation and redevelopment of several giant oil fields in Kirkuk.
The deal was signed during recent Iraqi Prime Minister Ali Al-Zaidi's official visit to Türkiye and builds on a strategic cooperation memorandum of understanding signed by bp and TPAO in February 2026.
The agreement also follows ConocoPhillips' previously announced acquisition of a 42% stake in BP ECKL. Following completion of both transactions, bp will retain a 43% interest in the joint venture, while ConocoPhillips will hold 42% and TPAO 15%, maintaining bp as the majority shareholder.
In a statement, bp Chief Executive Officer Meg O'Neill said the agreement strengthens a long-standing partnership between bp and Türkiye's national energy company.
"TPAO has been a trusted partner for more than 30 years through our work together across the Caspian region," O'Neill said. "This agreement builds on that long-standing relationship and, alongside our partnership with ConocoPhillips, positions us strongly for the next phase of redevelopment in Kirkuk."
She described Kirkuk as "a world-class resource base" capable of supporting Iraq's long-term energy ambitions and said bp looks forward to working closely with the Iraqi government and its partners to advance the project.
According to bp, the Development and Production Contract covers an initial phase of oil and gas production exceeding 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk oil field, as well as the adjacent Bai Hassan, Jambur and Khabbaz fields in federal Iraq.
The contract area also includes additional exploration potential.
The fields are currently operated by Iraq's North Oil Company (NOC) and North Gas Company (NGC). bp said the transaction will not alter the existing contractual framework, the operational roles of NOC and NGC, or the planned transition to an unincorporated operating organization staffed primarily by personnel from the two Iraqi state-owned companies.
Under the contract, BP ECKL's remuneration will be tied to incremental production volumes, oil prices and project costs. The company said the joint venture structure is not expected to require significant capital contributions from bp.
The transaction remains subject to regulatory approvals.
bp said its relationship with Iraq spans more than a century and includes decades of operations in both northern and southern Iraq. The company added that its partnership with TPAO also extends back more than three decades through joint operations in Azerbaijan and the Caspian region.