en.Wedoany.com Reported - Iraq's state-owned North Oil Company signed a contract with U.S.-based HKN Energy on Thursday to develop the Hamrin oilfield in northern Iraq. According to a report by the Iraqi News Agency citing a statement from the country's Oil Ministry, the agreement aims to increase Hamrin oilfield production to 140,000 barrels of oil per day and 40 million standard cubic feet of natural gas per day.

Iraqi Oil Minister Bassem Al-Abadi stated that the contract will attract more U.S. and European companies to invest in Iraq's energy sector. Earlier this week, Basra Oil Company signed an agreement with U.S. energy services firm Halliburton to manage the Bin Omar and Sinbad oilfields in southern Iraq. The minister added that production at the Sinbad oilfield is expected to increase by 80,000 to 100,000 barrels per day, while associated gas capacity will rise from 240 million to 260 million standard cubic feet per day.

As the second-largest oil producer in OPEC, Iraq has been exporting over 200,000 barrels of oil per day through the northern Kirkuk-Ceyhan pipeline. In April this year, the Iraqi cabinet approved $1.5 billion for a pipeline construction project from Basra to Haditha, with a total budget of $5 billion.