KRG: Multi-Billion-Dollar Oil Pacts with U.S. Firms Will Boost Kurdistan’s Economy
“Our cooperation today is broader than the fight against terror,” PM Barzani said. “It’s about economic growth and a shared vision for peace and prosperity.”
ERBIL (Kurdistan24) — Kurdistan Region Prime Minister Masrour Barzani said two newly signed multi-billion-dollar energy agreements with U.S. oil companies demonstrate growing international confidence in the Kurdistan Region’s stability and economic potential, according to a formal statement by the Kurdistan Regional Government (KRG).
Speaking during a high-level ceremony at the U.S. Chamber of Commerce in Washington, D.C., Barzani emphasized that the deals show that “Kurdistan is a reliable, peaceful, and promising destination for investment,” and added that these agreements are “a major step toward further economic development” in the region.
The agreements were signed on Monday by two prominent American energy firms, HKN Energy and WesternZagros, both of which have operated in the Kurdistan Region for years. The deals are valued at several billion dollars and are expected to significantly advance the Region’s oil sector and broader energy development.
Senior officials from the U.S. Chamber of Commerce and company executives attended the event, expressing their commitment to deepening energy cooperation with the KRG.
Barzani thanked the U.S. Chamber of Commerce for facilitating the ceremony and praised the role of both companies. He noted that HKN Energy and WesternZagros have made substantial contributions to the well-being of the Kurdistani and Iraqi people while also securing benefits for their own countries and shareholders.
The Prime Minister reaffirmed his government’s determination to develop the energy sector, stating that the KRG’s reforms are aimed at providing 24-hour electricity across the Kurdistan Region. He also expressed readiness to support Iraq’s national power needs through cooperation.
In his remarks, Barzani congratulated the people of Kurdistan and Iraq on what he described as a “significant achievement” that would further strengthen the Region’s economy.
He also reflected on the enduring and strategic relationship between the Kurdistan Region and the United States, forged through joint struggles against dictatorship and terrorism. “Our cooperation today is broader than the fight against terror,” he said. “It’s about economic growth and a shared vision for peace and prosperity.”
The Kurdistan Region, an autonomous part of Iraq, has prioritized foreign investment in its oil and gas sector as a cornerstone of its economic strategy. Over the years, it has attracted key international companies, including long-term U.S. partners like HKN Energy and WesternZagros.
Despite periodic challenges—such as disputes with Baghdad over oil revenue sharing and occasional regional instability—the KRG has continued to present itself as a stable and investor-friendly environment.
About the Companies
- HKN Energy, affiliated with Hillwood International Energy, has been active in the Kurdistan Region for over a decade, involved in exploration and oil production. It is a U.S.-based oil and gas exploration and production company, and it is a subsidiary of HKN, Inc., and is involved in the development of the Sarsang Block, which includes the key Swara Tika field. The company is known for its close cooperation with the KRG and its significant role in the region’s upstream energy sector.
- WesternZagros, a Canadian oil and gas exploration company that operates primarily in the Kurdistan Region of Iraq. The company focuses on the development and production of crude oil resources in the region and has been one of the key international energy players contributing to the growth of Kurdistan’s oil sector.
The renewed agreements mark a critical moment for the KRG’s efforts to attract international capital and expand its role in the global energy market.
