ONEX and HKN Energy to develop the Miran Gas Field

Washington, D.C., 18 May 2025 — ONEX Group and HKN Energy have signed a binding term sheet with the Kurdistan Regional Government (KRG) for the development of the Miran Gas Field through their newly formed joint venture, Miran Energy.

The signing ceremony took place at the U.S. Chamber of Commerce in Washington, D.C., in the presence of H.E. Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq.

The Miran Gas Field, located in the Kurdistan Region of Iraq, is estimated to hold around 8 trillion standard cubic feet of recoverable natural gas. The agreement paves the way for the phased development of the field, which has the potential to generate more than US$40 billion in long-term value.

“This agreement marks a significant milestone not only for our companies, but for the energy future of the Region. Through Miran Energy, we are combining the strengths of HKN and ONEX to responsibly develop one of the region’s most strategic gas resources.” — Russell Freeman, CEO, HKN Energy

Development will be carried out in phases, with gas production planned for domestic supply, supporting regional energy needs, long-term economic growth and potential demand from the wider region. The initiative underscores the strong collaboration between international investors and the KRG to unlock the region’s energy potential.

About Miran Energy

Miran Energy is a joint venture between HKN Energy Ltd and ONEX Group, formed to develop the Miran Gas Field in partnership with the Kurdistan Regional Government. The venture combines deep technical capability with a long-term investment approach.

About HKN Energy

HKN Energy is an independent energy company focused on the exploration and development of oil and gas resources in the Kurdistan Region of Iraq, committed to responsible operations, environmental stewardship and long-term partnership with local communities.