Iraq’s North Oil Company Signs Deal With U.S. Firm HKN to Boost Oil Production at Himreen Field
Iraq’s state-owned North Oil Company (NOC) has signed an initial agreement with U.S.-based company HKN to develop the Himreen oil field. The goal is to increase oil production from around 20,000–25,000 barrels per day to 60,000 barrels per day.
Plan to Increase Oil and Gas Output
Iraq’s Oil Minister, Hayyan Abdul Ghani Al-Sawad, said the country wants to work with American and Western companies to improve its oil fields and make better use of natural gas. This will help support Iraq’s economy and provide fuel for power stations.
The agreement is part of Iraq’s larger plan to bring in more foreign investment and upgrade its energy sector. Along with boosting oil production, the plan includes capturing 45–50 million standard cubic feet per day of natural gas. This gas will be used to generate electricity, which is important for Iraq as it often faces power shortages and high energy needs.
Development Plans and Local Benefits
Amer Khalil, head of the North Oil Company, said this deal is the first step toward a full development contract. The project will involve drilling more wells, training local workers, supplying gas for electricity, and creating jobs for local communities.
Matthew Zeiss, a Vice President at HKN, said the company is committed to running the Himreen field at full capacity, hiring up to 80% Iraqi staff, and supporting local community growth.
Why This Matters
Iraq wants to produce more oil and use its natural gas more efficiently, especially for electricity. This would reduce the need to import energy from other countries and help stabilize its power supply.
Published: 16th July 2025
For more article like this please follow our social media Facebook, Linkedin & Instagram
Also Read:
Saudi Arabia Tops MENA VC with $860M in H1 2025 Investments
GCC IPO Market Down 6% in H1 2025, Reports Markaz
Saudi Firms Sign $8.3B Renewable Energy Projects Deals
