Turkey Secures Stake in Kirkuk Oil Field in Historic Energy Deal with Iraq

Turkish Petroleum Corporation (TPAO) has been granted a 15% stake in the Kirkuk oil field operated by BP Energy Company of Kirkuk Limited. The agreement, signed on July 27, is considered a historic step in energy cooperation between Turkey and Iraq. The Kirkuk-Ceyhan pipeline agreement, which expired on the same day, will be replaced by a new framework for energy cooperation between the two countries. The project covers important hydrocarbon production areas in Kirkuk, including the Baba and Avanah domes and the Bai Hassan, Jambur, and Khabbaz fields, with an estimated initial phase reserve of over 3 billion barrels of hydrocarbon reserves.