Turkey's Energy Ambitions Expand as TPAO Acquires Stake in Iraqi Oil Fields

The Turkish Petroleum Corporation (TPAO) has acquired a 15% stake in oil fields in Iraq's Kirkuk province, marking a new phase in energy cooperation between Turkey and Iraq. The partnership with bp and ConocoPhillips aims to increase production at the Baba and Avanah domes as well as the Bai Hassan, Jambur, and Khabbaz oil fields.

The current production levels of these fields are around 300,000 barrels per day (bpd), with approximately 133,000 bpd coming from Bai Hassan, 107,000 bpd from the Baba and Avanah domes, 38,000 bpd from Jambur, and 25,000 bpd from Khabbaz.

The initial phase of the project is estimated to cover more than 3 billion barrels of oil equivalent (boe) in hydrocarbon resources, while bp estimates the contract area holds a total resource potential of up to 20 billion boe.

According to Mehmet Ogutcu, chair of the London Energy Club, TPAO's presence in Kirkuk would expand the company's international production portfolio, increase foreign currency revenues, and contribute to Turkey's energy supply security. He also noted that the renewed use of the Kirkuk-Ceyhan pipeline would support Turkey's ambition to become a regional energy trading hub.