Turkey Acquires 15% Stake in BP's Kirkuk Oil Project

The state-owned Türkiye Petrolleri Anonim Ortaklığı (TPAO) has acquired a 15% interest in BP Energy Company of Kirkuk Limited (BP ECKL) to participate in the redevelopment of oil and gas fields in northern Iraq. The agreement was signed in Ankara on July 28, 2026, during an official visit by Iraqi Prime Minister Ali al-Zaidi. The project targets more than 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk field, as well as the Bai Hassan, Jambur, and Khabbaz fields.

BP remains the majority shareholder with a 43% stake, while ConocoPhillips holds 42% following a prior acquisition. The redevelopment area is currently operated by Iraq's North Oil Company and North Gas Company, though operatorship will eventually transition to an unincorporated organization staffed by those agencies.

The deal coincides with the expiration of the 1975 Kirkuk-Ceyhan crude oil pipeline agreement on July 27. To establish a new energy cooperation framework, Prime Minister al-Zaidi offered to supply Turkey with 1 million barrels of oil per day, a volume President Recep Tayyip Erdoğan stated would meet Turkey's needs. Beyond energy, the two leaders signed five agreements covering industrial property, academic cooperation, and transport infrastructure. They also discussed regional security and the Development Road project, which aims to link Iraq's Grand Faw Port to European markets.