Baghdad: North Oil Company (NOC) inked a preliminary agreement with the US company HKN Energy to develop the Himreen oilfield in northern Iraq, the country's oil ministry announced on Tuesday. This agreement marks a strategic step in Iraq's efforts to enhance its oil production capabilities.
According to Kuwait News Agency, Iraqi oil minister Hayan Abdul Ghani, who also serves as the Deputy Prime Minister for Energy Affairs, emphasized the country's goal to increase oil production from the Himreen oilfield. The plan is to raise production to 60,000 barrels per day, up from the current output levels of 20,000 to 25,000 barrels per day.
Director General of NOC, Amer Khalil, highlighted that the preliminary agreement will establish the foundation for future development contracts. The agreement aims to secure gas fuel for power generation and create new jobs for Iraqi workers, contributing to the economic growth of the region.
US Charge D'affaires, Steven Fagin, attended the signing ceremony and expressed his satisfaction with the project. He reaffirmed the US interest in expanding future cooperation with Iraq in the energy sector.