Iraq Secures Future with Long-Term Oilfield Contract

Iraq's North Oil Company finalized a pivotal 25-year contract with developer KEPPT to enhance the Ajil oilfield's production capacity. This initiative aims to boost gas output to 300 million standard cubic feet per day and increase oil production to 40,000 barrels daily, signaling significant growth in Iraq's energy sector.

Iraq's North Oil Company has inked a critical 25-year deal with KEPPT, a private Iraqi developer, to advance the Ajil oilfield, announced the prime minister's office on Saturday.

The contract's strategic goal is to progressively elevate the field's gas output to 300 million standard cubic feet per day, up from the current 135 million, while also augmenting oil production from 30,000 to 40,000 barrels per day, the office detailed in its statement.

This move underscores Iraq’s commitment to strengthening its energy infrastructure and boosting economic growth through enhanced resource management.