Iraq Signs Agreement to Develop Ajil Field, Boost Oil and Gas Output

Prime Minister Ali Falih Al-Zaydi oversaw on Saturday the signing ceremony for the development and operation contract of the Ajil oil and gas field. The agreement was concluded between North Oil Company and KEBET, part of the Ministry of Oil's efforts to enhance the investment of its hydrocarbon resources. The project aims to increase oil and gas production rates and optimize field resource utilization to support national energy security and improve the country's electricity generation system. This strategic contract extends for 25 years, targeting a gradual increase in the field's output. Gas production is expected to rise from approximately 135 million standard cubic feet per day to 300 million standard cubic feet per day, while oil production will increase from 30,000 barrels per day to 40,000 barrels per day.