Iraq’s North Oil Company has signed a 25-year contract with private company Kipeit for Project Development to develop and operate the Ajil oilfield, the office of Iraqi Prime Minister said Saturday.
اضافة اعلان
The agreement aims to gradually increase gas production at the field to 300 million standard cubic feet per day, up from around 135 million currently, while raising oil output to 40,000 barrels per day from 30,000 barrels, according to a statement.
The contract is part of the Oil Ministry’s efforts to maximize the development of hydrocarbon resources, increase oil and gas production, and make optimal use of the country’s oil and gas fields. The move is also intended to strengthen energy security and support Iraq’s electricity generation system.
The development of the Ajil field comes as part of a broader push by Iraq to attract investment in the gas sector, particularly as the government seeks to increase domestic gas production and reduce reliance on imports to fuel power plants.
In October 2024, Iraq’s Oil Ministry said contracts under the fifth supplementary and sixth licensing rounds were expected to add around 800 million to 850 million standard cubic feet per day in gas production capacity, alongside approximately 750,000 barrels per day of additional oil production capacity.
