HKN to develop 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.
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