Turkey Partners with BP and ConocoPhillips in Kirkuk Oil Fields

Minister of Energy and Natural Resources Alparslan Bayraktar announced that the Turkish Petroleum Corporation (TPAO) has acquired a 15% stake in BP Energy Company of Kirkuk Limited. With this agreement, TPAO has become a partner with BP and ConocoPhillips in the oil fields of Kirkuk, Iraq. The agreement was signed by TPAO General Manager Cem Erdem and BP Upstream Vice President for Business Development Andrew McAuslan. Minister Bayraktar stated that the agreement will increase TPAO's international power. It was stated that work will be carried out to develop approximately 3 billion barrels of oil reserves in Kirkuk.