Iraq hands four Kirkuk oilfields to joint operating body with BP
The Iraqi Ministry of Oil transferred operational control of the Kirkuk, Bai Hassan, Jambur and Khabbaz fields to a joint operating entity that includes BP. The handover aims to raise oil output to 450,000 barrels per day and capture 500 million standard cubic feet of associated gas daily. BP will act as a strategic partner, providing training, technology transfer and community projects. The agreement gives BP a 43% equity stake in the project vehicle, with ConocoPhillips and Turkey’s TPAO holding the remainder.
Why it matters
The transfer gives BP a direct role in producing up to 450,000 barrels per day, potentially expanding its upstream revenue stream in Iraq. The joint body also secures BP’s 43% ownership of the project, linking the company to future oil and gas sales from the fields.
Key facts
- 1Operations for four major oilfields in Kirkuk were transferred to a joint operating body on 15 Oct 2026. shafaq.com
- 2The target production is 450,000 barrels of oil per day and 500 million standard cubic feet of gas per day. iraqinews.com
- 3BP holds a 43% stake in the BP Energy Company of Kirkuk Limited vehicle. en.964media.com
- 4ConocoPhillips holds 42% and Turkey’s TPAO holds 15% of the same vehicle. en.964media.com
- 5The project was formally activated in October 2025 with an initial output target of 328,000 barrels per day. en.964media.com
- 6The development agreement with BP was signed in March 2025 and involves a $25 billion investment. iraqinews.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.