Sunday, 9 August 2026

Türkiye Petrolleri Anonim Ortaklığı (TPAO) is buying a 15% interest in BP Energy Company of Kirkuk Limited, the vehicle carrying BP plc's Kirkuk redevelopment work in northern Iraq, according to World Oil.

The Turkish state producer's entry leaves BP with 43% and ConocoPhillips with 42% once the deal closes, and regulatory approvals are still outstanding, World Oil reported.

Four producing areas sit inside the Development and Production Contract: the Baba and Avanah domes of the Kirkuk oil field, plus the adjacent Bai Hassan, Jambur and Khabbaz fields in federal Iraq. The contract's initial phase targets more than 3 Bboe from those assets, according to World Oil.

Signing took place while Iraqi Prime Minister Ali Al-Zaidi was in Türkiye on an official visit. BP and TPAO had signed a cooperation memorandum of understanding earlier in the year.

BP CEO Meg O'Neill described TPAO as "a trusted partner for more than 30 years" through joint work across the Caspian region, World Oil reported.

The African Energy Chamber (AEC) reaffirmed its support for Venezuela's hydrocarbon development strategy in high-level meetings with government and industry officials, according to World Oil, as the country steps up efforts to attract upstream oil and gas investment following recent energy sector reforms.

The chamber's delegation was led by Executive Chairman NJ Ayuk and Senior Vice President Verner Ayukegba, World Oil reported. The group met Acting President Delcy Rodríguez, Minister of Hydrocarbons Paula Henao, PDVSA President Héctor Obregón and other senior officials.

The talks followed the publication in July of regulations implementing Venezuela's Organic Hydrocarbons Law. According to World Oil, the government says the rules are intended to give a clearer framework for future oil and gas investment and to support efforts to rebuild production.

The capital requirement attached to that rebuild is large. Industry estimates cited by the chamber suggest Venezuela will require approximately USD 183 billion in upstream and related infrastructure investment between 2026 and 2040 to reach its long-term production target of 3 MMbpd, World Oil reported.