Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on Monday oversaw the signing of two major energy deals between the KRG and U.S. companies during his official visit to the United States at the U.S. Chamber of Commerce in Washington, D.C.
Read More: KRG Prime Minister Barzani Arrives in U.S. for Official Visit
The deals include U.S. energy company HKN Energy and Dubai-based ONEX Group through their newly formed joint venture, Miran Energy, and the U.S-owned company WesternZagros, and represent a combined estimated value of tens of billions of dollars.
A new phase of Kurdistan-USA ties begins as we sign two multi-billion dollar deals with HKN Energy and WesternZagros Resources.
— Masrour Barzani (@masrourbarzani) May 20, 2025
These deals will power millions, create jobs and strengthen the foundation of Kurdistan’s economy. pic.twitter.com/v1WYeXybiU
The KRG in a press release stated that these agreements mark a significant step toward further developing the Kurdistan Region’s oil and energy sector and strengthening its economic infrastructure and are expected to contribute directly to economic growth and stability in the region.
On Sunday, May 18, HKN Energy and ONEX Group announced in a press release received by Kurdistan Chronicle the signing of a binding term sheet with the KRG for the development of the Miran gas field through their newly formed joint venture, Miran Energy.
The Miran field, located in the Kurdistan Region of Iraq, could hold an estimated 8 trillion standard cubic feet (scf) of recoverable natural gas.
While in the United States, Kurdistan Region Prime Minister Masrour Barzani is set to oversee the signing of two major energy deals with U.S. companies tomorrow. pic.twitter.com/cDjknxDfRU
— Kurdistan Chronicle (@KrdChronicle) May 19, 2025
According to HKN Energy, this agreement paves the way for the phased development of the field, with the possibility to generate over $40 billion in long-term value.
“This agreement marks a significant milestone not only for our companies, but for the energy future of the region,” said Russell Freeman, CEO of HKN Energy. “Through Miran Energy, we are combining the strengths of HKN and ONEX to responsibly develop one of the region’s most strategic gas resources.”
HKN Energy said the significant reserves of Miran will be key to contributing to the Kurdistan Region’s long-term energy security. “This initiative underscores the strong collaboration between U.S. investors and the KRG to unlock the region’s energy potential,” it said.
Moreover, another deal was signed with WesternZagros, a privately owned exploration and production company operating in the Kurdistan Region. The company operates the resource-rich Topkhana-Kurdamir block, which holds a resource potential of up to 5 trillion scf and 900 million barrels of recoverable natural gas and crude oil, respectively.
“The agreement is a milestone for the Kurdistan Region’s energy security and expansion, and will contribute to the KRG’s transformative plans to provide electricity to millions of its citizens,” WesternZagros said in a press release received by Kurdistan Chronicle.
The energy company said the project could generate an estimated $70 billion of revenue over its lifetime.
“The development of the Topkhana block combined with the adjacent WesternZagros-owned and operated Kurdamir block will play a pivotal role in securing 24/7 electricity access for millions in the Kurdistan Region and, over time, the broader Iraqi and regional market,” said Toufic Chahine, Chairman of WesternZagros.
“We look forward to our partnership with the Kurdistan Regional Government, under the leadership of Prime Minister Barzani, and to contributing to the bright energy future of the region,” Chahine said.
