TP acquires 15 percent stake in BP's Kirkuk-based company

President Erdoğan received Iraqi Prime Minister Ali al-Zaydi, who is on an official visit to Turkey, at the Presidential Complex. Following their private meeting, President Erdoğan and Iraqi Prime Minister al-Zaydi held a press conference.

Comprehensive energy cooperation

Stating that energy is an important topic of cooperation between the two countries, President Erdoğan said, "The Iraq-Turkey Crude Oil Pipeline agreement expired as of yesterday. Now our goal is to sign a comprehensive energy cooperation agreement that will be to the benefit of both parties as soon as possible. A partnership has been granted to Turkish Petroleum in the Kirkuk production field, where British Petroleum acts as the operator. The agreement signed today is a historic step in terms of partnership in the energy field."

Ceremony at the Ministry

Prior to President Erdoğan's reception, a signing ceremony was held at the Ministry of Energy and Natural Resources. Accompanied by Minister of Energy and Natural Resources Alparslan Bayraktar, the signatures were signed by TPAO General Manager Cem Erdem and BP Vice President of Upstream Business Development Andrew McAuslan.

1 million barrel target

In his statement after the ceremony, Minister of Energy and Natural Resources Bayraktar said, "This is actually a project we have been working on for a long time and it is one of our most important steps toward making Turkish Petroleum a company that produces 1 million barrels of oil and natural gas per day."

Became a partner in Kirkuk

Reminding that they have signed agreements with international companies to grow Turkish Petroleum and make it more effective in different geographies around the world starting from the beginning of 2026, Minister Bayraktar said, "We have signed one of the concrete outcomes of our agreements with BP. With this agreement, Turkey has become a partner in the fields in Kirkuk together with BP."

Production will increase

Stating that Turkish Petroleum will have a 15 percent stake with the agreement reached, Minister Bayraktar said, "A consortium will be formed in partnership with ConocoPhillips, BP, and Turkish Petroleum, and this consortium will work together to develop and produce the reserves, which we estimate to be approximately 3 billion barrels there, and to increase production there."

Will add strength to the economy

Emphasizing that the agreement is of importance that will add strength to the country's economy, Minister Bayraktar also stated that they will carry out different projects and different partnerships to increase the effectiveness of Turkish Petroleum in the international arena. The project covers the Baba and Avanah domes, as well as the Bai Hassan, Jambur, and Khabbaz fields in Kirkuk, one of Iraq's most important hydrocarbon production regions.

The contract area is estimated to contain over 3 billion barrels of oil equivalent of hydrocarbon resources in the first phase. It is also foreseen that the area holds significant additional exploration potential.

This investment, which is significant on an international scale, will not only grow TPAO's production portfolio but also carry its technical strength, operational experience, and international partnership development capability to Kirkuk, one of the world's leading hydrocarbon regions.

This step, taken in line with the vision of a fully independent Turkey in energy, will contribute to Turkey's energy supply security and Iraq's long-term energy goals, while further strengthening TPAO's position in the global energy sector.

Meanwhile, Minister Bayraktar held a meeting at the Presidential Complex with Iraqi Minister of Oil Basim Mohammed Khudair and Iraqi Minister of Electricity Ali Saadi Vehib, who were part of Iraqi Prime Minister al-Zaydi's delegation.

Making a post on social media regarding the meeting, Minister Bayraktar said, "In our meeting, we confirmed our joint determination to utilize the existing infrastructure of Turkey-Iraq energy cooperation at full capacity. We focused on concrete projects that will strengthen our cooperation, especially in oil, natural gas, and electricity transmission lines. We aim to further deepen the energy cooperation between our countries with joint projects that we will develop on the basis of mutual benefit."