Baku: Trkiye's state-owned oil company TPAO (Turkish Petroleum) has acquired a 15% stake in the BP-led consortium developing the Kirkuk oil fields in northern Iraq, Anadolu Agency reports.

According to Azeri-Press News Agency, the agreement was signed during Iraqi Prime Minister Ali al-Zaidi's visit to Ankara. Trkiye's Minister of Energy and Natural Resources, Alparslan Bayraktar, stated that under the agreement, TPAO will acquire a 15% stake in BP Energy Company of Kirkuk Limited (BPECKL).

Following the completion of the transaction, the company's shareholding structure will be as follows: BP holds 43%, ConocoPhillips owns 42%, and TPAO acquires the remaining 15%. Bayraktar noted that the agreement will enable TPAO to participate alongside BP and other partners in the development of the strategically important Kirkuk oil fields.

Kirkuk is considered one of the world's largest oil fields and serves as one of Iraq's key energy hubs.