PM Oversees Signing of 25-Year Contract for Ajil Oilfield Development and Operation

Prime Minister Ali Falih Al-Zaidi, on Saturday, oversaw the signing ceremony for the Ajil oilfield development and operation contract, executed between the North Oil Company and Kept Company. A statement from the Prime Minister's media office affirmed this signing aligns with the Ministry of Oil's drive to maximize hydrocarbon resource investment. The contract aims to boost oil and gas production rates and ensure optimal utilization of the field's resources, thus bolstering energy security and strengthening the nation's electricity generation system. Spanning twenty-five years, this contract is designed to progressively increase the field's production rates. It targets raising gas output from approximately 135 million standard cubic feet per day to 300 million standard cubic feet per day, alongside increasing oil production from 30,000 barrels per day to 40,000 barrels per day.