Iraq Signs 25-Year Deal to Boost Oil Production at Ajil Field
Iraq has signed a 25-year deal to boost oil and gas production at the Ajil field in the Salahaddin province, following years of damage from ISIS. The state-owned North Oil Company (NOC) partnered with Kar Electrical Power Production Trading (KEPPT), a sister company to KAR Group, to increase production rates at the field.
According to the deal, gas production will rise from 135 million standard cubic feet per day to 300, while oil production will increase from 30,000 barrels per day to 40,000 barrels. This contract is part of Iraq's post-war reconstruction efforts and aligns with the Ministry of Oil's strategy to maximize investment in hydrocarbon resources.
The Ajil Integrated Project, launched by KEPPT in January, aims to combine oil, gas, and renewable energy integration to boost operational efficiency and reduce environmental impact. This project is crucial for Iraq's electricity generation system, as the country plans to generate 12,000 megawatts from renewable sources by 2030.