Turkish Petroleum Corporation (TPAO) has acquired a 15% stake in BP Energy Company of Kirkuk Limited (BP ECKL), marking Türkiye's entry into bp-operated oil fields in Iraq's Kirkuk region, the Energy and Natural Resources Ministry said on Tuesday.
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, 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. The Turkish company will hold a 15% stake in the project, while bp and ConocoPhillips will remain partners in the consortium developing the fields.
The project covers the Baba and Avanah domes, as well as the Bai Hassan, Jambur and Khabbaz fields in Iraq's Kirkuk region, one of the country's most significant hydrocarbon-producing areas.
The concession is estimated to contain more than 3 billion barrels of oil equivalent (boe) in hydrocarbon resources in its initial phase and is also believed to hold significant additional exploration potential.
The investment is expected to expand TPAO's production portfolio while strengthening its technical capabilities, operational expertise and international partnerships in one of the world's leading hydrocarbon regions.
The ministry said the move, part of Türkiye's strategy to strengthen energy security and expand its international upstream presence, is expected to contribute to both Türkiye's energy supply security and Iraq's long-term energy development.
Following the meeting, Turkish President Recep Tayyip Erdogan said energy cooperation remained a key pillar of relations between the two countries.
He described the agreement as “a historic step.”
Erdogan also noted that the Iraq-Türkiye Crude Oil Pipeline Agreement expired on Monday and said both sides now aim to negotiate a broader framework for energy cooperation.
Bayraktar described the agreement as a major milestone in Türkiye's efforts to expand TPAO's global footprint through partnerships with international energy companies.
"This is a project we have been working on for a long time, and it represents one of the most important steps toward making TPAO a company that produces 1 million barrels of oil and natural gas per day," he said.
🛢️ Türkiye signs partnership agreement with neighboring Iraq on development of Kirkuk oil fields
🤝 Turkish Petroleum acquires 15% stake in BP Energy Company of Kirkuk, with Energy Minister Alparslan Bayraktar saying the deal strengthens Türkiye's international energy presence… pic.twitter.com/g9lvh54Hvo— Anadolu English (@anadoluagency) July 28, 2026
He added that the consortium aims to develop reserves estimated at around 3 billion barrels while increasing production from the Kirkuk fields.
Bayraktar also said Türkiye 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 said the ministers reaffirmed their commitment to making full use of existing energy infrastructure between the two countries and discussed concrete projects to deepen cooperation, particularly in oil, natural gas and electricity transmission.
