BP has agreed to sell a 15% stake in its oil and gas fields in the Kirkuk region of northern Iraq to state-owned Turkish Petroleum Corporation for an undisclosed amount. The development and production contract covers an initial phase of more than 3 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. The deal, signed during Iraqi Prime Minister Al-Zaidi's visit to Türkiye, builds on a memorandum of understanding from February. Following ConocoPhillips' recent acquisition of a 42% interest in BP's Kirkuk venture, BP now holds a 43% stake. Separately, Reuters reported that Carlyle Group, Energean, and Dragon Oil are among the groups expected to bid this week for assets in BP's West Nile Delta natural gas development offshore Egypt, as BP seeks to simplify its portfolio and cut debt and costs.
ConocoPhillips
Energean Oil & Gas PLCBP PLCBP sells 15% stake in Kirkuk fields to Turkish Petroleum, part of portfolio simplification to cut debt and costs.
Carlyle Group Inc