Baghdad – INA
The North Oil Company, affiliated with Ministry of Oil, signed a contract on Thursday with U.S.-based HKN Energy to develop the Himreen Oilfield.
According to a statement from the Ministry of Oil received by the Iraqi News Agency (INA), the agreement forms part of the ministry’s strategy to invest in oilfields in order to increase crude oil and natural gas production.
Oil Minister Bassem Mohammed Khudair Al-Abadi, who attended and sponsored the signing ceremony, said the agreement aligns with the government’s vision and strategy for the optimal investment of oil and gas resources, ensuring domestic energy needs are met while increasing export capacity.
He stated that, under the contract, the field’s peak oil production is expected to reach 140,000 barrels per day, while gas production will reach 40 million standard cubic feet per day. He noted that the produced gas will not be flared but will instead be used to generate energy for field operations, with any surplus reinjected to maintain reservoir pressure.
Al-Abadi added that the government’s vision is to attract leading international companies, particularly from the United States and Europe, to invest in Iraq’s oil and gas sector in accordance with the highest global standards. He noted that the project will create employment opportunities for Iraqi workers and local companies, stressing that the ministry will provide full support to the contractor. He described the signing of the agreement as a clear message to global investors that Iraq offers an attractive environment for investment.
The signing ceremony was attended by the Deputy Oil Minister for Extraction Affairs, Nasir Aziz, the Deputy Oil Minister for Gas Affairs, Izzat Saber, the Director General of the Oil Exploration Company, the Director General of the North Oil Company, the Director General of the Petroleum Contracts and Licensing Directorate, the Director General of the Reservoirs and Field Development Directorate, and the Director General of the Iraqi Drilling Company.