BP to Sell 15% Stake in Iraqi Unit Amid Search for Strait of Hormuz Alternatives
By Katherine Hamilton
BP has agreed to sell a 15% interest in its Iraqi subsidiary to Turkey's national oil and gas company.
The Turkish company, Türkiye Petrolleri Anonim Ortaklığı, bought the stake in BP Energy Co. of Kirkuk, which develops oil and gas fields in the Kirkuk region of Iraq, BP said Tuesday night.
The acquisition comes after ConocoPhillips acquired a 42% interest in the Iraqi subsidiary earlier this month.
The development and production contract in Kirkuk covers an initial phase of oil and gas production of more than 3 billion barrels of oil equivalent. The contract area also includes additional exploration potential.
The deals come as oil producers are scrambling to find alternatives to the Strait of Hormuz, which has been blocked due to the war between the U.S. and Iran. Governments are pouring billions into new oil pipelines, rail corridors and energy storage hubs to bypass the strait.
Chevron is investing in Iraqi oil fields as it explores construction of a pipeline to connect Iraq's oil patch with the Syrian coast.
On Wednesday morning, Iran fired ballistic missiles on U.S. troops, again escalating tensions after a relative lull in the conflict.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
July 29, 2026 13:11 ET (17:11 GMT)
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