Iraq has moved forward with a major step in its natural gas sector. HKN Energy and ONEX Group signed an agreement with the Kurdistan Regional Government. This Miran Energy deal will develop the Miran gas field in the Kurdistan Region.
The Miran gas field holds a large amount of recoverable natural gas. Experts estimate the reserves at around 8 trillion standard cubic feet. Because of this, the field has become one of Iraq’s most valuable energy assets.
Through the Miran Energy deal, both companies have formed a new joint venture called Miran Energy. This partnership will lead all operations to unlock the gas field’s full potential. It aims to support Iraq’s energy needs while boosting regional growth.
Rather than rushing development, the project will move in clear stages. Each phase will focus on steady production and expanding infrastructure. This approach will help manage investment risks and secure consistent returns.
The gas produced will mainly serve Iraq’s domestic market. In addition, the companies plan to support surrounding countries by exporting gas when possible. This strategy may increase energy stability throughout the region.
Russell Freeman, CEO of HKN Energy, praised the partnership’s strong foundation. He explained that combining the strengths of both firms would ensure responsible development. He also stressed that the Miran Energy deal supports a better energy future for the entire region.
ONEX Group shares this view. Its leaders believe that long-term collaboration with Iraq’s government will bring shared success. Their goal includes creating jobs, strengthening local supply chains, and driving broader economic growth.
Moreover, the agreement may unlock over $40 billion in value. This includes benefits from gas production, infrastructure building, and business partnerships. The government also expects long-term energy security from this project.
Another advantage comes from the strong U.S. investment in this deal. American involvement shows confidence in Iraq’s potential as an energy leader. It also highlights growing international interest in Kurdistan’s energy sector.
As work on the Miran field begins, many expect economic and energy gains. Investors, local businesses, and citizens may all benefit from this large-scale project. If successful, the Miran Energy deal could set a standard for future development.