Turkey Takes 15% Stake in BP-Operated Oil Fields in Iraq's Kirkuk Region
Turkish Petroleum Corporation (TPAO) has taken a significant step in expanding its global presence by acquiring a 15% stake in BP Energy Company of Kirkuk Limited (BP ECKL), marking Turkey's entry into bp-operated oil fields in Iraq's Kirkuk region.
The agreement, signed on Tuesday in Ankara, allows TPAO to join bp and ConocoPhillips as partners in the consortium developing the Baba and Avanah domes, as well as the Bai Hassan, Jambur and Khabbaz fields. This project is estimated to contain more than 3 billion barrels of oil equivalent (boe) in hydrocarbon resources.
The investment is expected to expand TPAO's production portfolio while strengthening its technical capabilities, operational expertise, and international partnerships in one of the world's leading hydrocarbon regions.
Turkish President Recep Tayyip Erdogan described the agreement as 'a historic step' and emphasized that energy cooperation remains a key pillar of relations between Turkey and Iraq. The two countries are now working on negotiating a broader framework for energy cooperation, following the expiration of the Iraq-Türkiye Crude Oil Pipeline Agreement.