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Iraq Business
7 days ago
- Business
- Iraq Business
HKN Energy to Develop Iraq's Hamrin Oil Field
By John Lee. The Ministry of Oil has signed an agreement in principle with HKN Energy to develop the Hamrin field in northern Iraq. The agreement, signed on Tuesday between North Oil Company (NOC) and the US-based company aims to increase the field's output to 60,000 barrels per day, up from the current 20,000-25,000 bpd, and to capture and utilise 45-50 million standard cubic feet per day (mmscfd) of associated gas for power generation. Oil Minister Hayan Abdul Ghani highlighted the government's commitment to working with reputable American and Western companies to develop Iraq's oil and gas assets and enhance energy output in support of the national economy. He noted the importance of investing in associated gas to help power electricity generation stations. The agreement was signed in the presence of ministry officials, US Chargé d'Affaires Steven Fagin, and representatives from both companies. Fagin welcomed the partnership and expressed hope for more US business engagement in Iraq. North Oil Company Director General Amer Khalil said the agreement lays the foundation for a future development contract covering all wells in the field and aims to train local staff and provide gas to electricity plants. Matthew Zais, Vice President of HKN, said the company is proud to partner with the Ministry of Oil and aims to maximise the field's capacity while employing 80 percent Iraqi workers and contributing to local community development. Earlier in the day, HKN reported an explosion at its Sarsang operations in Iraqi Kurdistan. In May, HKN Energy and ONEX Group signed a binding term sheet with the Kurdistan Regional Government (KRG) to develop the Miran gas field through their new joint venture, Miran Energy. The KRG and Iraq's federal government have disagreed over the legitimacy of that contract. (Source: Ministry of Oil)
Iraqi News
7 days ago
- Business
- Iraqi News
HKN to develop Hamrin oil field in northern Iraq
Baghdad ( – The Iraqi Ministry of Oil revealed on Tuesday that the state-owned North Oil Company (NOC) signed a memorandum of understanding with HKN, a US firm engaged in hydrocarbon exploration headquartered in Texas, to develop the Hamrin oil field in northern Iraq. Iraqi Oil Minister Hayan Abdul-Ghani stated during a ceremony held to sign the agreement that the ministry is eager to collaborate with reputable oil firms to develop oil fields, recover flared gas optimally, and maximize oil output capacities to support the national economy, according to the Iraqi News Agency (INA). The government plans to raise the oil field's production capacity to 60,000 barrels per day, as well as recover 45 million to 50 million cubic meters of associated gas to provide fuel to power plants, according to Abdul-Ghani. Despite economic and security problems, the Hamrin oil field now has a production capability that ranges between 20,000 and 25,000 barrels per day. The Iraqi oil minister indicated that negotiations are taking place to increase investments in the oil, gas, and energy sectors. The agreement marks a step towards Baghdad's aspiration to increase oil production to about seven million barrels per day over the next five years.
Rudaw Net
15-07-2025
- Business
- Rudaw Net
Iraq signs oil deal with US firm
Also in Iraq Water crisis in Iraq, Kurdistan Region to halve supply per person by 2035: Rudaw Research Center Sadr expels 31 affiliates for defying elections boycott Baghdad says Erbil's demand for more domestic oil delays export restart Drone downed near Peshmerga position in Kirkuk A+ A- ERBIL, Kurdistan Region - Iraq's state-run North Oil Company on Tuesday signed an initial agreement with US-based HKN Energy for the development of the Hamrin oil field in Basra province, just hours after a drone strike targeted one of HKN's oil fields in the Kurdistan Region. The agreement, signed under supervision of Iraqi Oil Minister Hayyan Abdul Ghani, aims to raise Hamrin's output to 60,000 barrels per day (bpd), up from its current 20,000 to 25,000 bpd. It also includes plans to invest 45 to 50 million cubic meters of associated gas to fuel power stations, according to a statement from the oil ministry. Abdul Ghani reaffirmed the ministry's 'commitment to cooperating with reputable American and Western companies' to enhance production capacity and support Iraq's economy. He added that negotiations are underway with other firms to expand investment in oil, gas, and energy. The oil ministry cited HKN Vice President Matthew Zais as saying that the company is 'very proud to work and cooperate with the Ministry of Oil,' aiming to develop the field to its full capacity while utilizing Iraqi capabilities for 80 percent of operations and supporting local communities. The signing ceremony was attended by US charge d'affaires Steven Fagin, who welcomed the deal and expressed hopes for more American investment in Iraq. 'We are pleased to attend today's signing ceremony at the Iraqi Ministry of Oil,' Fagin was quoted by the ministry as saying. 'We would like to see much more business with Iraq.' According to the statement, Amer Khalil Ahmed, head of the North Oil Company said that agreement lays the foundation for a development contract that will cover well expansion, staff training, and securing gas for power generation. Iraqi Prime Minister Mohammed Shia' al-Sudani also received Zais and Fagin on Tuesday, expressing the government's vision of increasing both oil output and associated gas investments. The agreement comes hours after an early morning explosion was reported at the Sarsang oil field in Duhok province, operated by HKN Energy. The company did not report any casualties, with staff reporting a drone strike. HKN holds a 62 percent stake in the field. Baghdad's finance ministry in late May suspended budget transfers to the Kurdistan Regional Government (KRG) for the rest of the year, claiming Erbil had already received its full 2025 allocation and failed to hand over agreed oil and non-oil revenues. The Kurdistan Region's Finance Minister Awat Sheikh Janab dismissed the justification as 'laughable.' HKN and WesternZagros signed two major oil and gas deals in May worth $110 billion over their lifespan in the Kurdistan Region, prompting a lawsuit from the federal oil ministry. At the time, Zais criticized Baghdad's legal action and warned it could undermine efforts to resume Kurdish oil exports. The Iraqi oil ministry claimed the contracts violated federal court rulings and the Iraqi constitution, while the KRG defended them as extensions of existing contracts that benefit all of Iraq. Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been halted since March 2023 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin exporting oil independently in 2014. During his meeting with Zais and Fagin on Tuesday, Sudani reaffirmed his government's "ongoing efforts' to resume the exportation of oil to Turkey.
Shafaq News
15-07-2025
- Business
- Shafaq News
Iraq signs development agreement with US firm HKN for Hamrin oil field
Shafaq News – Baghdad Iraq's Ministry of Oil announced on Tuesday the signing of a memorandum of understanding between the North Oil Company and US-based HKN Energy to invest in and develop the Hamrin oil field. Speaking at the signing ceremony in Baghdad, Oil Minister Hayan Abdul-Ghani reaffirmed the ministry's commitment to working with 'reputable' American, Western, and international energy companies to develop Iraq's oil fields, optimize associated gas investment, and boost production capacity in support of the national economy. 'We aim to increase Hamrin's production capacity to 60,000 barrels per day, in addition to utilizing between 45 to 50 million standard cubic feet (Mscf) of associated gas to help fuel Iraq's power plants,' he said, pointing out that the field is currently producing between 20,000 and 25,000 barrels per day, despite prevailing economic and security challenges. US Ambassador Steven Fagin welcomed the agreement, considering it encouraging to see an American company investing in Iraq. HKN Vice President Matthew Zais expressed pride in the partnership, stating that the goal is to employ 80% local Iraqi labor and contribute to the development of the local community in the area of operations.
Zawya
19-05-2025
- Business
- Zawya
Iraq revives 5 idle oil wells
A production boost of nearly 2,500 barrels per day (bpd) in the northern Jambur oil field in Kirkuk has been achieved through the rehabilitation of five previously idle wells, Iraq's North Oil Company has announced. In a statement, the company announced that wells 27, 42, 23, 20, and 69 were successfully brought back online after a series of technical inspections and operational adjustments to clear blockages and reopen valves. "The process was completed smoothly, in full compliance with the highest safety and quality standards,' it said. The statement said that the reactivated wells will contribute an additional 2,500 bpd to the field's output, significantly enhancing its overall production capacity. The Jambur North field produces between 10,000 and 15,000 bpd, though output levels fluctuate depending on operational conditions and the number of active wells. (Writing by Nadim Kawach; Editing by Anoop Menon) (
