bp has agreed to sell a 15% interest in its Iraq-based BP Energy Company of Kirkuk Limited to Turkish state-owned oil company TPAO, adjusting partner stakes in the Kirkuk redevelopment project while pursuing a broader strategy to streamline its global portfolio.
MONTREAL (Oil Monster): bp has agreed to sell a 15% interest in its Iraq-based BP Energy Company of Kirkuk Limited (BP ECKL) to Turkish state-owned energy company Türkiye Petrolleri Anonim Ortaklığı (TPAO).
The agreement was signed during Iraqi Prime Minister Ali Al-Zaidi's official visit to Türkiye. It follows a cooperation agreement reached between bp and TPAO earlier this year. Once the transaction is completed, bp will retain a 43% stake, while ConocoPhillips will own 42% and TPAO will hold the remaining 15%.
The Kirkuk redevelopment project includes the Baba and Avanah sections of the giant Kirkuk oil field, along with the nearby Bai Hassan, Jambur, and Khabbaz fields. The combined production by these assets is estimated at more than 3 billion barrels of oil equivalent during the initial development phase.
The partners aim to accelerate redevelopment of the Kirkuk region, which is intended to support Iraq's long-term energy production goals.
The latest transaction is part of bp's broader strategy to streamline its global portfolio while focusing investment on high-value oil and gas assets. Over the past year, the company has announced several asset sales. The portfolio adjustments will strengthen financial performance while maintaining long-term growth opportunities in key energy markets, it said.
bp is selling a 15% interest in its Iraq-based BP Energy Company of Kirkuk Limited to Turkish state-owned energy company TPAO.
Once the transaction is completed, bp will retain a 43% stake, ConocoPhillips will own 42% and TPAO will hold the remaining 15%.
The agreement was signed during Iraqi Prime Minister Ali Al-Zaidi's official visit to Türkiye and follows a cooperation agreement reached earlier in the year between bp and TPAO.
The redevelopment project includes the Baba and Avanah sections of the Kirkuk oil field and the nearby Bai Hassan, Jambur and Khabbaz fields.
bp says the transaction is part of its broader strategy to streamline its global portfolio, focus investment on high-value oil and gas assets, and strengthen financial performance while maintaining long-term growth opportunities.
