Turkish Petroleum Corporation (TPAO) agreed terms with BP to acquire a 15% stake in its Kirkuk project. This follows ConocoPhillips recently agreeing terms to acquire a 42% stake in BP Energy Company of Kirkuk Ltd (BP ECKL), and the UK major will be left with 43% of the rights under the Development and Production Contract (MEES, 17 July).
Since securing the contract to redevelop Kirkuk and overhaul the country’s northern gas-processing capacity (MEES, 3 October 2025), BP had been seeking partners, given the field’s complex geology and the substantial capital outlay required. The firm said on 28 July that the transactions with Conoco and TPAO “reflect BP’s disciplined approach to capital allocation, bringing together partners with complementary capabilities and expertise to support the next phase of redevelopment in Kirkuk.” (CONTINUED - 208 WORDS)