Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayan Abdul-Ghani Al-Sawad, affirmed the Ministry's keenness to cooperate with reputable American, Western, and other international companies, with the aim of developing oil fields, optimally investing in gas, and maximizing production capacities in support of the national economy.
This came during his sponsorship and attendance of the signing ceremony of an agreement of principles between the North Oil Company and the American company HKN to invest and develop the Hamrin field.
The Minister stated that the Ministry seeks to raise the field's production rates to 60,000 barrels per day, in addition to investing 45-50 million cubic meters of associated gas to fuel power plants. He noted that the Hamrin field is a productive field, with current production rates ranging from 20,000 to 25,000 barrels per day, despite economic and security challenges.
The Minister also highlighted Iraq's aspirations for joint cooperation with reputable American companies, explaining the existence of numerous negotiations for investment in the oil, gas, and energy sectors. The signing ceremony was attended by the Ministry's Undersecretaries, the Chargé d'Affaires of the US Embassy, the Prime Minister's Advisor, and a number of general managers at the Ministry's headquarters.
The Chargé d'Affaires of the US Embassy, Mr. Stephen Fagin, said, "We are pleased to attend today's signing ceremony at the Iraqi Ministry of Oil. We are also pleased that an American company is investing in Iraq, and we would like to see more business with Iraq."
The Director General of the North Oil Company, Mr. Amer Khalil, said that the agreement signed will serve as the basis for signing the development contract later. He noted that the contract aims to develop all oil wells in the field and train personnel, and contributes to securing gas fuel to operate power plants and employ Iraqi workers.
The Vice President of HKN, Mr. Matthew Zeiss, said, "We are very proud to work and cooperate with the Ministry of Oil. Our goal is to develop the Hamrin field to its full potential, utilize Iraqi capabilities, and operate 80% of the field, in addition to developing the local community in the work area."
