Working Interest
bp has sold 15% of its working interest in its subsidiary in Iraq to Türkiye Petrolleri Anonim Ortaklığı (TPAO).
The agreement was signed during the official visit of Iraqi Prime Minister Ali Al-Zaidi to Türkiye and builds on the Memorandum of Understanding (MoU) signed by bp and TPAO in February 2026. It also follows ConocoPhillips’ previously announced acquisition of a 42% interest in BP Energy Company of Kirkuk Limited (BP ECKL).
Following completion of the transaction, bp will remain the majority shareholder and a key participant in BP ECKL (bp 43%, ConocoPhillips 42%, TPAO 15%).
bp said that the transactions reflect its disciplined approach to capital allocation, bringing together partners with complementary capabilities and expertise to support the next phase of redevelopment in the Kirkuk region.
“Kirkuk is a world-class resource base that can support Iraq’s long-term energy ambitions, and we look forward to working closely with the Government of Iraq and our partners to deliver the next phase of redevelopment,” said Meg O’Neill, CEO of bp.
The development covers an initial phase of oil and gas production of more than 3 billion barrels of oil equivalent (bboe) from the Baba and Avanah domes of the Kirkuk oil field. It also features the adjacent Bai Hassan, Jambur and Khabbaz fields, operated by Iraq’s state-owned Northern Oil Company.
