29th Jul 2026 11:31
(Alliance News) - BP PLC on Tuesday announced a new agreement with Turkiye Petrolleri Anonim Ortakligi, which will buy a 15% interest in BP Energy Co of Kirkuk Ltd.
The London-based oil major said the agreement further expands on the partnership supporting the redevelopment of "several major oil and gas fields" in Iraq's Kirkuk region, building on the strategic memorandum of understanding BP and TPAO signed in February.
BP also noted that this follows ConocoPhillips' acquisition of a 42% interest in BP ECKL.
BP will remain ECKL's majority shareholder with a 43% stake.
It said the development & production contract covers an initial phase of oil and gas production of more than 3 billion barrels of oil equivalent from the Baba and Avanah domes, and from the adjacent Bai Hassan, Jambur and Khabbaz fields.
"The contract area also includes additional exploration potential," BP added.
"TPAO has been a trusted partner for more than 30 years through our work together across the Caspian region," BP Chief Executive Officer Meg O'Neill commented. "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."
BP shares were trading 2.3% higher at 537.80 pence late on Wednesday morning in London.
The price of oil was also higher, with Brent quoted at USD87.17 a barrel against USD84.87 at the time of the London market close on Tuesday.
By Emma Curzon, Alliance News reporter
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