ERBIL, Kurdistan Region of Iraq - Kurdistan Region Prime Minister Masrour Barzani on Monday lauded the recently signed energy agreements in Washington as beneficial for both the Region and the American companies; a sentiment that was also echoed by the firms in question.

Barzani on Monday oversaw the signing of two major agreements in the energy sector with HKN Energy and WesternZagros with a combined worth of “tens of billions of US dollars,” according to a statement by the Kurdistan Regional Government (KRG), adding that “they are expected to contribute directly to economic growth and stability in the Region.”

In an interview with The New Region, the Kurdish premier highlighted the long-standing relations between the United States and the Kurdistan Region, noting that those ties are further deepened through such agreements.

“We are happy to see American companies come invest in the Kurdistan Region, as it benefits both Kurdistan and themselves as well,” said Barzani.

A new phase of Kurdistan-USA ties begins as we sign two multi-billion dollar deals with HKN Energy and WesternZagros Resources.

These deals will power millions, create jobs and strengthen the foundation of Kurdistan’s economy. pic.twitter.com/v1WYeXybiU

— Masrour Barzani (@masrourbarzani) May 20, 2025

Barzani’s statements were echoed by representatives of the American firms, lauding the Kurdistan Region’s investment-friendly environment.

“We found a very pro-business environment that gives us comfort, that you can make a significant investment in the people and in the geology, and that's really been the reason why we've chosen Kurdistan over other places,” Eric Stoerr, a representative of WesternZagros, told The New Region.

WesternZagros has been operating in the Kurdistan Region for over 15 years. The company on Monday announced the successful acquisition of the 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.”

The signings tie in with the Kurdistan Region’s recent attempts at reforming the energy sector. Prime Minister Barzani in October 2024 announced the “Runaki Project,” the KRG's program to provide 24-hour power to residential neighborhoods, a plan that aims to eliminate the electricity issues that the Region has struggled with for decades.

Ross Perot Jr., HKN Energy founder, said that the company has had a good experience in the Kurdistan Region for 18 years, expressing excitement over the future projects as well.

“We've become very close to the Kurdish people. 81 percent of our company is all Kurdish. It's a true Kurdish company. It's for all of Iraq, because if Kurdistan grows, all of Iraq will grow,” the businessman told The New Region.

“The Kurdistan we see today should have been there 50 years ago, but Saddam didn't let it become developed, so that's what excited us. We have new oil fields, new gas fields, and a whole new region that could prosper, and we're hoping the Kurds can catch up, because the Kurds have done extraordinary things in the past 20 years,” he added.

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.”

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 US investors and the KRG to unlock the region’s energy potential.”

Barzani arrived in Washington 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.

Treefa Aziz, KRG Representative to the United States, said that the Kurdish premier’s visit comes at a critical time.

“He is coming to reinforce, to reiterate, the strong, longstanding relationship between the Kurdistan region and the United States, and it's a critical time to discuss a host of issues that are very important for both the United States and Kurdistan,” Aziz told The New Region.

#BREAKING: "These multi-billion dollar deals underscores Kurdistan’s commitment to peace and progress through economic development," Kurdistan Region PM Masrour Barzani said during a presser in Washington after sponsoring the signing of two major agreements in the energy field pic.twitter.com/XDW2X68c5n

— The New Region (@thenewregion) May 19, 2025

Strengthening bilateral ties with the new US administration, energy cooperation, and future investment are among the top priorities of Prime Minister Barzani’s agenda during his visit to Washington, according to Aziz. The representative also announced that Barzani will be meeting with US Secretary of State Marco Rubio during the trip.

The agreements “will, for sure, strengthen our relationship with the US government,” said Aziz. “We are expanding our relationship from purely security cooperation to economic, investment, and energy [cooperation]… Kurdistan is a critical partner of the United States, both in energy and in security.”

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.

“Our partnership [with the US] goes beyond security and fighting terrorism. We believe that economic development and investment in energy can deepen our relationship and can make our bonds even stronger,” said Prime Minister Barzani during a press conference on Monday.