Commodities

BP Teams with TPAO to Boost Iraq's Kirkuk Oil Exports

Guavy AI Editorial Team Published July 28, 2026

Instruments

Oil

BP has strengthened its partnership in Iraq's Kirkuk oil project by bringing in Turkey's state-owned oil firm TPAO as a 15% stakeholder. This move comes after BP sold a 42% stake to US-based ConocoPhillips earlier this month, leaving it with a 43% operating interest.

The agreement was announced during Prime Minister Ali Al-Zaidi's visit to Ankara and coincided with talks between Al-Zaidi and Turkish President Recep Tayyip Erdogan. The two countries aim to increase Iraqi crude exports to Turkey to 1 million barrels per day, a key goal in restoring production from aging northern oilfields.

The investment also signals Turkey's comeback as a commercial player in Kirkuk's oil business after almost a century of giving up territorial claims over the region. Unlike earlier revenue-sharing agreements, TPAO's engagement is based on a commercial venture with BP and ConocoPhillips.

BP Teams with TPAO to Boost Iraq's Kirkuk Oil Exports

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