Hamrin deal signed as Iraq accelerates U.S. oil partnerships

Iraq signed a contract with the American company HKN Energy on Thursday to develop the Hamrin field in Salahaddin province, finalizing a deal the Cabinet approved on June 28 and adding to a slate of agreements with U.S. companies ahead of Prime Minister Ali al-Zaidi's planned visit to Washington next week.

Oil Minister Bassim Khudair, who attended the signing ceremony, said production at Hamrin will peak at 140,000 barrels per day (bpd) under the contract, according to an Oil Ministry statement — more than double the 60,000 bpd target the Oil Ministry announced when the prospective deal was first unveiled, and several times the field's current output of 20,000 to 25,000 bpd.