By John Lee.
HKN Energy and ONEX Group have signed a binding term sheet with the Kurdistan Regional Government (KRG) to develop the Miran gas field through their new joint venture, Miran Energy.
Located in the Kurdistan Region of Iraq, the Miran gas field is estimated to contain 8 trillion standard cubic feet (scf) of recoverable natural gas. The agreement outlines a phased development plan that could unlock over $40 billion in long-term value.
Full statement from HKN Energy:
HKN Energy and ONEX Group are proud to announce the signing of a binding term sheet with the Kurdistan Regional Government (KRG) for the development of the Miran Gas Field through their newly formed joint venture, Miran Energy.
The Miran Gas Field, located in the Kurdistan Region of Iraq, could hold an estimated 8 trillion standard cubic feet (scf) of recoverable natural gas. 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."
The development will be executed in phases, with gas production planned for domestic supply, supporting regional energy needs and long-term economic growth and the potential demand of the wider region. The significant reserves of Miran will be key to contributing to the 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.
(Source: HKN Energy)
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