bp, TPAO and ConocoPhillips to Support Next Phase of Kirkuk Oil and Gas Redevelopment

bp, TPAO and ConocoPhillips to Support Next Phase of Kirkuk Oil and Gas Redevelopment

(IN BRIEF) bp and Türkiye Petrolleri Anonim Ortaklığı have agreed terms for TPAO to acquire a 15% interest in BP Energy Company of Kirkuk Limited, expanding the partnership behind the redevelopment of major oil and gas fields in the Kirkuk region of northern Iraq. The agreement builds on a strategic cooperation MoU signed by bp and TPAO in February 2026 and follows ConocoPhillips’ previously announced acquisition of a 42% interest in BP ECKL. Following completion, the ownership structure of BP ECKL is expected to be bp 43%, ConocoPhillips 42% and TPAO 15%, with bp remaining the majority shareholder. The redevelopment covers an initial phase of more than 3 billion barrels of oil equivalent from the Baba and Avanah domes of the Kirkuk oil field, together with the Bai Hassan, Jambur and Khabbaz fields.

(PRESS RELEASE) LONDON, 29-Jul-2026 — /EuropaWire/ — bp and Türkiye Petrolleri Anonim Ortaklığı, known as TPAO, have agreed terms for TPAO to acquire a 15% interest in BP Energy Company of Kirkuk Limited.

The agreement further expands the partnership supporting the redevelopment of major oil and gas fields in the Kirkuk region of northern Iraq.

The agreement was signed during the official visit of Iraqi Prime Minister Ali Al-Zaidi to Türkiye.

It builds on the strategic cooperation memorandum of understanding signed by bp and TPAO in February 2026.

The transaction also follows the previously announced acquisition by ConocoPhillips of a 42% interest in BP Energy Company of Kirkuk Limited.

Together, the partnerships reflect bp’s disciplined approach to capital allocation and bring together companies with complementary expertise to support the next phase of redevelopment in Kirkuk.

Following completion of the TPAO transaction, bp will remain the majority shareholder and a key participant in BP ECKL.

The expected ownership structure will be bp 43%, ConocoPhillips 42% and TPAO 15%.

Meg O’Neill, Chief Executive Officer of bp, said TPAO has been a trusted partner for more than 30 years through the companies’ work together across the Caspian region.

She said the agreement builds on that long-standing relationship and, alongside the partnership with ConocoPhillips, positions bp strongly for the next phase of redevelopment in Kirkuk.

O’Neill described Kirkuk as a world-class resource base capable of supporting Iraq’s long-term energy ambitions.

She said bp looks forward to working closely with the Government of Iraq and its 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 3 billion barrels of oil equivalent.

The contract includes the Baba and Avanah domes of the Kirkuk oil field, as well as the adjacent Bai Hassan, Jambur and Khabbaz fields in Federal Iraq.

The assets are currently operated by the North Oil Company and the North Gas Company.

The contract area also includes additional exploration potential.

bp’s relationship with Iraq spans more than a century and includes decades of experience in both the north and south of the country.

Through the inclusion of TPAO and ConocoPhillips in BP ECKL, bp is broadening the industrial and technical partnership behind the Kirkuk redevelopment while maintaining a leading role in the project.

Notes to editors
• TPAO (Türkiye Petrolleri Anonim Ortaklığı) is Türkiye’s national oil and gas company.
• The transaction is subject to any regulatory approvals.
• BPECKL is the Contractor under a Development and Production Contract with North Oil Company (NOC) and North Gas Company (NGC) of Iraq, covering the rehabilitation and redevelopment of several giant oil fields in Kirkuk.
• 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. 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 and TPAO have been strategic partners for more than 30 years, primarily through bp’s operations in Azerbaijan and the Caspian region.

Cautionary statement
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), bp is providing the following cautionary statement. This press release contains certain forecasts, projections and other forward-looking statements – that is, statements related to future, not past, events and circumstances which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. By their nature, forwardlooking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp.  Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under ‘Risk factors’.

Our most recent Annual Report and Form 20-F is available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.

Media Contact:

bp press office London, bppress@bp.com

SOURCE: BP p.l.c.