Baghdad: Prime Minister Ali Faleh al-Zaidi sponsored the signing ceremony for the development and operation of the Ajil oil field, marking a significant step in the nation’s energy strategy. The agreement was signed on Saturday between the North Oil Company and KEPT, underlining the government’s focus on boosting energy production.

According to National Iraqi News Agency, a press release from the Prime Minister’s media office highlighted that the contract aligns with the Ministry of Oil’s strategic goals. It aims to maximize investment in hydrocarbon resources, increase oil and gas production rates, and optimize the use of oil and gas field resources. This initiative is expected to bolster energy security and support Iraq’s electricity generation system.

The contract is set for a 25-year term and focuses on gradually increasing production rates. The development project is projected to enhance gas production from approximately 135 million standard cubic feet per day to 300 million standard cubic feet per day. Similarly, oil production is expected to rise from 30,000 barrels per day to 40,000 barrels per day, contributing to the country’s energy sector growth.