Ankara: Turkish Petroleum Corporation (TPAO) has acquired a 15% stake in BP Energy Company of Kirkuk Limited (BP ECKL), marking Trkiye's entry into bp-operated oil fields in Iraq's Kirkuk region, the Energy and Natural Resources Ministry said on Tuesday.
According to Anadolu Agency, the agreement was signed in Ankara by TPAO General Manager Cem Erdem and bp Vice President for Upstream Business Development Andrew McAuslan in the presence of Turkish Energy and Natural Resources Minister Alparslan Bayraktar. This development occurred ahead of talks between Turkish President Recep Tayyip Erdogan and Iraqi Prime Minister Ali al-Zaidi. Under the agreement, TPAO joined bp as a partner in the Kirkuk oil fields, securing a 15% stake in the project. bp and ConocoPhillips remain partners in the consortium developing the fields.
The Kirkuk project encompasses the Baba and Avanah domes, as well as the Bai Hassan, Jambur, and Khabbaz fields in Iraq's Kirkuk region, a notable hydrocarbon-producing area. The concession is estimated to contain more than 3 billion barrels of oil equivalent in hydrocarbon resources initially, with significant additional exploration potential. The investment aims to expand TPAO's production portfolio while enhancing its technical capabilities, operational expertise, and international partnerships in a leading hydrocarbon region.
The ministry emphasized that this move aligns with Trkiye's strategy to bolster energy security and expand its international upstream presence, contributing to both Trkiye's energy supply security and Iraq's long-term energy development. Following the meeting, Turkish President Recep Tayyip Erdogan underscored energy cooperation as a key pillar of relations between the two countries, describing the agreement as 'a historic step.' He noted that the Iraq-Trkiye Crude Oil Pipeline Agreement expired on Monday, and both sides now seek to negotiate a broader framework for energy cooperation.
Energy and Natural Resources Minister Alparslan Bayraktar described the agreement as a significant milestone for Trkiye's efforts to expand TPAO's global presence through partnerships with international energy companies. He highlighted that the consortium aims to develop reserves estimated at around 3 billion barrels while increasing production from the Kirkuk fields. Bayraktar also mentioned Trkiye's plans to pursue additional international partnerships to further expand TPAO's overseas operations.
Separately, Bayraktar met Iraqi Oil Minister Basim Mohammed Khudair and Electricity Minister Ali Saadi Waheeb, who accompanied Prime Minister Ali al-Zaidi during his visit to Ankara. In a post on Turkish social media platform NSosyal, Bayraktar stated that the ministers reaffirmed their commitment to fully utilizing existing energy infrastructure between the two countries and discussed concrete projects to deepen cooperation, particularly in oil, natural gas, and electricity transmission.