bp has agreed to sell a 15% stake in its Kirkuk redevelopment venture in Iraq to Turkish Petroleum Corporation (TPAO), expanding the companies' partnership in the redevelopment of major oil and gas fields in northern Iraq, according to a statement released by bp on Tuesday.
The agreement was signed during Iraqi Prime Minister Ali Al-Zaidi's official visit to Türkiye and follows a strategic cooperation memorandum of understanding signed by bp and TPAO in February.
The deal also comes after ConocoPhillips announced it would acquire a 42% stake in BP Energy Company of Kirkuk Limited (BP ECKL), the company leading the redevelopment project.
Following completion of both transactions, bp will retain a 43% stake in BP ECKL, while ConocoPhillips will hold 42% and TPAO 15%.
"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," said bp CEO Meg O'Neill.
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 with the Iraqi government and its partners on the project's next phase.
The development and production contract covers an initial phase targeting more than 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, currently operated by Iraq's North Oil Company and North Gas Company, also includes additional exploration potential.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
