North Oil Company, affiliated with Iraq's Ministry of Oil, signed a contract today Thursday to develop the Hamrin field with the American company HKN.

A statement from the Ministry of Oil said: "As part of the ministry's plans to invest in oil fields to increase production rates of oil and gas, the North Oil Company signed a contract to develop the Hamrin field with the American company HKN."

Oil Minister Basim Mohammed Khudair, during the signing ceremony, stressed that "signing the contract with the company comes in line with the government's vision and strategy for optimal investment of oil and gas, securing the required need for domestic uses and increasing export rates," according to the Iraqi News Agency (INA).

He pointed out that "the peak production rate of the field according to the contract will reach 140,000 barrels, and gas production at a rate of 40 million standard cubic feet per day," noting that "these quantities of gas are not flared but will be used for energy purposes in the field, and the surplus will be used for injection purposes to support the reservoir pressure of the field."

He added that "the government's vision today is to attract major international companies, especially American and European ones, in order to invest in oil and gas with the best international standards and measures," explaining that "the field will provide employment for Iraqi labor and local companies."

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