Türkiye’s TPAO acquires stake in Kirkuk redevelopment project

In a further boost for Iraq's oil and gas develoment prospects, Türkiye Petrolleri Anonim Ortaklığı (TPAO) is acquiring a 15% interest in BP Energy Company of Kirkuk Limited (BP ECKL), which is redeveloping several major oil and gas fields in the promising Kirkuk region of northern Iraq

Signed during the official visit of Iraqi Prime Minister Ali Al-Zaidi to Türkiye, the move builds on the strategic cooperation Memorandum of Understanding (MoU) signed by bp and Türkiye's national oil company in February 2026, and follows ConocoPhillips' recent acquisition of a 42% interest in BP ECKL. The two acquisitions bring together partners with complementary capabilities and expertise together with bp to support the next phase of redevelopment in Kirkuk. Following completion of the transaction, bp will remain the majority shareholder in BP ECKL with 43%.

Vast potential

Kirkuk, once among the most prolific regions globally, has vast potential, with a combined resource opportunity estimated at up to 20 billion barrels of oil equivalent.

bp received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk in March 2025, when bp said the investment will bring opportunity and growth to the Kirkuk region, as well as improving supply chain capability alongside job creation. Then bp executive vice president William Lin commented that the opportunity is fully in line with the company’s priority of pursuing new growth opportunities for bp as it strengthens and high-grades its portfolio across the world.

The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields alongside investment in existing gas processing facilities, spanning oil, gas, power and water with potential for investment in exploration.

The Development and Production Contract covers an initial phase of oil and gas production of more than 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk oil field and the adjacent Bai Hassan, Jambur and Khabbaz fields in Federal Iraq, all currently operated by the North Oil Company (NOC) and North Gas Company (NGC). The contract area also includes additional exploration potential.

bp is drawing on its experience elsewhere in Iraq in developing Kirkuk, notably at the supergiant Rumaila field in southern Iraq, where with its partners it has helped to deliver a 40% increase in production since 2010. bp says it aims to grow a similar, modern upstream oil and gas industry centred around Kirkuk, bringing in technologies that transformed operations at Rumaila, such as real-time monitoring and digital surveillance. These can help to optimise well performance, predict and avert production issues, and facilitate data-driven decision making.

Chief executive officer Meg O’Neill said, “TPAO has been a trusted partner for more than 30 years through our work together across the Caspian region. This agreement builds on that long-standing relationship and, alongside our partnership with ConocoPhillips, positions us strongly for the next phase of redevelopment in Kirkuk. 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."

bp has a longstanding relationship with Iraq spanning more than a century with an involvement in both the north and south of the country. bp’s predecessor helped ‎Iraq to locate, produce and export oil from Baba Gurgur in Kirkuk, one of the largest oilfields ‎in the world at that time.