bp Confirms Middle East Focus Despite Asset Restructuring

British Petroleum (bp) has reaffirmed its long-standing commitment to the Middle East, despite ongoing restructuring efforts. During the Energy Intelligence conference in London, CEO Meg O’Neill emphasized that the company has no plans to retreat from the region. She highlighted ongoing discussions with the Iraqi government about potential new export routes, including a northern option.

bp’s history in Iraq spans nearly a century, beginning with its role in discovering and developing the Baba Gurgur oilfield in Kirkuk. As part of its strategic restructuring, bp recently sold a 15% stake in its Iraqi subsidiary, BP Energy Company of Kirkuk Limited (BP ECKL), to Türkiye Petrolleri Anonim Ortaklığı (TPAO). However, bp remains the majority shareholder, retaining a 43% interest in the venture, which O’Neill described as a world-class resource base.

The company’s restructuring efforts have also involved divesting several assets, including its Austrian retail business, the Gelsenkirchen refinery in Germany, and its UK North Sea business. Additionally, bp announced plans to sell Archaea Energy, its US biogas subsidiary. These moves have helped reduce bp’s net debt by more than 11% in the second quarter of 2026, bringing it down to $22.25 billion. The company aims to generate $8 billion to $9 billion from divestments by the end of 2026.