U.S.-based HKN Energy and ONEX Group have formed a joint venture, Miran Energy, after signing a binding term sheet with the Kurdistan Regional Government (KRG) to develop the Miran Gas Field in the Kurdistan Region of Iraq.

• The Miran Gas Field is estimated to hold 8 trillion standard cubic feet (scf) of recoverable natural gas.

• The phased development could generate over $40 billion in long-term value.

• Gas production will prioritize domestic supply, bolstering regional energy needs and long-term economic growth.

• The project reflects deepening U.S.-KRG cooperation and supports Kurdistan’s energy security.

Russell Freeman, CEO of HKN Energy, emphasized the strategic importance of the project and the responsible approach to its development.