BP agrees to sell 15% stake in Kirkuk redevelopment venture to Turkey’s TPAO
BP•Project scope and development targets
The Development and Production Contract targets an initial phase of more than 3 billion boe across the Kirkuk field’s Baba and Avanah domes.
The project scope also covers adjacent northern Iraq fields, currently operated by Iraq’s North Oil Company and North Gas Company.
BP sells stake in Kirkuk redevelopment venture
BP agreed terms for Türkiye’s TPAO to buy a 15% stake in BP Energy Company of Kirkuk, expanding the Kirkuk redevelopment partnership.
The deal follows ConocoPhillips’ previously announced purchase of a 42% stake, part of BP’s capital discipline strategy via partner sell-downs.
After the transaction, ownership of the venture will be BP 43%, ConocoPhillips 42% and TPAO 15%.
