ERBIL, Kurdistan Region of Iraq – A Kurdistan Region delegation led by Prime Minister Masrour Barzani on Monday inked a number of agreements with US-based firms in the energy sector that combine to be worth tens of billions of dollars.

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.

The premier oversaw on Monday the signing of multiple agreements in the sector of energy 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.”

“I am very pleased to be here again, back in Washington, especially to witness and monitor the signing of these two very important deals,” Barzani said in a speech after the signing ceremony, adding that the “multi-billion dollar deals underscores Kurdistan’s commitment to peace and progress through economic development.”

The Kurdish premier underscored the Kurdistan Region’s amicable relations with the US and their history in partnership across different sectors, including fighting “tyranny, where we had to fight against terrorism, provide security, and we shared many goals together,” emphasizing that the partnership between the two sides transcends only security.

“We believe that economic development and investment in energy can deepen our relationship and can make our bonds even stronger," the Prime Minister noted.

In a post on X on Tuesday, Barzani commented that the Kurdistan Region's multi-billion-dollar deals with HKN Energy and WesternZagros mark the beginning of "a new phase of Kurdistan-USA ties."

The deals "will power millions, create jobs and strengthen the foundation of Kurdistan's economy," the Kurdish premier 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.”

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

WesternZagros, on the other hand, 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.

“Our government has been very dedicated to developing the energy sector and especially our reform programs to provide 24-hour electricity in all of Kurdistan,” Barzani reaffirmed, hoping “to have enough to send it to other parts of Iraq.”