Turkish Petroleum to acquire 15 pct stake in BP’s Kirkuk unit
Türkiye’s state-owned Turkish Petroleum Corporation (TPAO) has agreed to acquire a 15 percent stake in BP Energy Company of Kirkuk Limited, joining BP and ConocoPhillips in the redevelopment of several major oil and gas fields in northern Iraq.
The agreement was signed in Ankara on July 28 by TPAO General Manager Cem Erdem and BP executive Andrew McAuslan in the presence of Energy and Natural Resources Minister Alparslan Bayraktar.
Financial terms were not disclosed.
Following completion of the transaction, BP will retain a 43 percent stake in the Kirkuk company, while ConocoPhillips will hold 42 percent and TPAO 15 percent.
