bp and Türkiye Petrolleri Anonim Ortaklığı (TPAO) have agreed terms for TPAO to acquire a 15 per cent interest in BP Energy Company of Kirkuk (BP ECKL), strengthening cooperation on the redevelopment of major oil and gas fields in Iraq’s Kirkuk region.

The agreement was signed during Iraqi Prime Minister Ali Al-Zaidi’s official visit to Türkiye and builds on the strategic cooperation memorandum signed by bp and TPAO in February 2026.

It also follows ConocoPhillips’ previously announced acquisition of a 42 per cent stake in BP ECKL.

The partnership supports the next phase of redevelopment under a Development and Production Contract covering more than 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk oil field, as well as the Bai Hassan, Jambur and Khabbaz fields in Federal Iraq.

Following completion of the transaction, bp will remain the majority shareholder in BP ECKL with a 43 per cent stake, while ConocoPhillips will hold 42 per cent and TPAO 15 per cent.

The venture aims to combine the partners’ technical expertise and capabilities to enhance production and explore additional opportunities in the region.

bp said the agreement reflects its long-standing commitment to Iraq, where it has maintained operations and partnerships for more than a century.

Meg O’Neill, Chief executive officer, said: “TPAO has been a trusted partner for more than 30 years through our work together across the Caspian region. 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. Kirkuk is a world-class resource base that can support Iraq's long-term energy ambitions, and we look forward to working closely with the Government of Iraq and our partners to deliver the next phase of redevelopment." -OGN/TradeArabia News Service