ERBIL, Kurdistan Region of Iraq – Kurdistan Region Prime Minister Masrour Barzani on Monday oversaw the signing of two major agreements between the Kurdistan Regional Government (KRG) and prominent American energy firms in Washington DC, aimed at further developing the Region’s oil and energy sector.

Barzani arrived in the American capital on Saturday for an official visit, during which he is set to meet with high-ranking US officials and sponsor the signing of several agreements. The visit aims to further strengthen Erbil-Washington bilateral relations.

Monday’s agreements, signed between the KRG’s natural resources ministry and HKN Energy and WesternZagros, represent a combined estimated value of “tens of billions of US dollars,” according to a statement from the KRG, adding that “they are expected to contribute directly to economic growth and stability in the Region.”

In a press release, HKN Energy and ONEX Group said they have signed an agreement for the development of the Miran Gas Field, located in the western part of the Kurdistan Region, adding that the deal has “the possibility to generate over $40 billion in long-term value.”

HKN CEO Russell Freeman said the agreement marks “a significant milestone” for the energy future of the Kurdistan Region.

“Through Miran Energy, we are combining the strengths of HKN and ONEX to responsibly develop one of the region’s most strategic gas resources,” he added.

The Miran Gas Field can hold an estimated 8 trillion standard cubic feet (scf) of recoverable natural gas.

“The significant reserves of Miran will be key to contributing to the region’s long-term energy security,” the American energy firm added. “This initiative underscores the strong collaboration between U.S. investors and the KRG to unlock the region’s energy potential.”

WesternZagros on the other hand announced the successful acquisition of Topkhana block, located in the Garmiyan Administration, describing the agreement as “a milestone for the Kurdistan Region’s energy security and expansion,” and stating that it will “contribute to the KRG’s transformative plans to provide electricity to millions of its citizens.”

The block “holds a resource potential of up to 5 trillion standard cubic feet and 900 million barrels of recoverable natural gas and crude oil respectively,” according to a press release from the American firm. “This acquisition, through a phased development approach, is expected to generate an estimated $70 billion of revenue over the life of the project.”

“We look forward to our partnership with the Kurdistan Regional Government, under the leadership of Prime Minister Barzani, and to contributing to the bright energy future of the Region,” said Toufic Chahine, chairman of WesternZagros.

The “Runaki Project” is the KRG's program to provide 24-hour power to residential neighborhoods. Announced by Prime Minister Barzani in October 2024, the plan aims to eliminate the electricity issues that the Region has struggled with for decades.

The Kurdistan Region shares strong ties with the US. Washington has for years provided military aid and training to the Region’s Peshmerga forces. Prime Minister Barzani also shares a strong relationship with the current US cabinet in general.