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Turkish Petroleum Corp (TPAO) on Tuesday signed an agreement with BP PLC to join prospective oil redevelopment in the Kurds-claimed province of Kirkuk in Iraq.

State-owned TPAO would acquire a 15 percent stake in BP Energy Company of Kirkuk Ltd (BP ECKL), the contractor under BP's Development and Production Contract (DPC) with North Oil Co (NOC) and North Gas Co (NGC), both owned by the Iraqi state.

Another pending sell-down would see Houston, Texas-based ConocoPhillips acquire 42 percent in BP ECKL.

Upon the completion of the transactions the British energy giant would retain 43 percent in BP ECKL, it said in a statement Tuesday.

"Together, the transactions reflect BP's disciplined approach to capital allocation, bringing together partners with complementary capabilities and expertise to support the next phase of redevelopment in Kirkuk", BP said.

BP chief executive Meg O'Neill said, "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".

"The Development and Production Contract covers an initial phase of oil and gas production of more than three 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 Co and North Gas Co", BP said. "The contract area also includes additional exploration potential".

Advertisement - Scroll to continue Last year Baghdad fully ratified the contract after laying out the terms in 2024. "The wider resource opportunity across the contract and surrounding area is believed to include up to 20 billion barrels of oil equivalent", BP said March 26, 2025 announcing the full ratification.

BP said at the time it would form a new unincorporated company to take over operatorship from NOC. The operator would be composed mostly of personnel from NOC and NGC.

BP earlier said February 25, 2025 it would establish "a standalone incorporated joint venture to hold its interests in the operator".

On July 17, 2026, announcing the agreed terms with ConocoPhillips, BP said, "The transaction does not change the contract framework, the role of NOC and NGC as current operators or the planned transition of operatorship to an unincorporated organization comprising predominantly personnel from NOC and NGC".

"As part of the Development and Production Contract, BP ECKL's remuneration will be linked to incremental production volumes, price and costs", that announcement added. "The JV will be accounted for as an equity accounted entity, with the partners booking a share of production and reserves proportionate to the terms agreed within the DPC.

"As BP ECKL is expected to operate as a joint venture, bp does not expect that it will require significant capital contributions from BP".

BP had stalled plans for the Kirkuk fields for years citing risks of political instability in the province claimed by Iraq’s autonomous region of Kurdistan.

To contact the author, email jov.onsat@rigzone.com

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