02 — Oil & gas upstream

Unlocking Miran.

The Miran Gas Field is a world-class gas asset in the Kurdistan Region with the potential to transform the region’s energy landscape.

Overview

A foundation for domestic energy security and regional supply.

In May 2025, ONEX and HKN Energy — through their joint venture, Miran Energy — signed a binding term sheet with the Kurdistan Regional Government for the phased development of the Miran Gas Field.

With an estimated 8 trillion cubic feet (Tcf) of potential 2C (contingent) resources, Miran ranks among the top three gas fields in the Kurdistan Region. Initial studies indicate potential for a gas plant of around 500 MMscf/d over a multi-decade life. Treated gas will serve local and regional demand, increasing fuel supply to power producers and industry. Development will follow best-in-class infrastructure and high ESG standards, with first gas targeted for 2027.

More on the project at miranenergy.com ↗.

In numbers

Resource, rate, reach.

  • 8Tcfestimated potential 2C resources
  • ~20%of independently assessed gas resources in Kurdistan
  • 500MMscf/dindicative plateau gas production
  • 3GW+potential gas-to-power capacity
  • 2027targeted first gas

2C = contingent resources, not reserves. Figures are estimates. Plateau rates and power-equivalence are conceptual from development studies.

Kurdistan Region Prime Minister Masrour Barzani speaking at the Miran signing in Washington, D.C.
01 / 03

Partnership

Miran Energy: ONEX and HKN Energy.

Miran Energy combines HKN Energy’s technical capability in the Kurdistan Region with ONEX’s long-term investment approach and its integrated position across gas, power and refining. The 50% ONEX interest in Miran Energy anchors gas supply into our wider energy platform.

Miran alone holds nearly 20% of the independently assessed gas resources in Kurdistan and around 5% of Iraq’s. Its development can help Iraq monetise gas while lowering emissions from flaring and diesel use.

Read the announcement →

A world-class gas resource for regional energy security.

Storage tanks and pipelines at the Bazian refinery
02 / 03

Accessible energy

Close to demand, with a pathway to export.

Located near existing pipeline corridors and infrastructure, Miran is well placed to serve key demand centres in the Kurdistan Region, enabling supply to power generation and industrial users, with a potential path to regional export markets through existing and future infrastructure.

Overhead view of the Bazian power plant turbine halls lit at night
03 / 03

Strategy

Exploring new markets.

We focus on sustainable growth through high-return projects across the natural gas value chain, targeting opportunities in the MENA region where long-term fundamentals remain strong. From upstream development to midstream infrastructure and downstream monetisation, we prioritise commercially resilient investments.

We are expanding our upstream portfolio by evaluating E&P opportunities with sizeable resource bases, attractive entry valuations and supportive regulatory frameworks, including upcoming licensing rounds and joint ventures.

Strategy & value creation

How we create value.

Disciplined ownership across the life-cycle of each asset.

01Domestic gas before imports

Miran is designed to reduce reliance on imported natural gas and expensive liquid fuels for power generation, strengthening Iraq’s energy independence.

02Gas-to-power integration

Indicative plateau production of around 500 MMscf/d could support multi-gigawatt power capacity — complementary to our Bazian generation hub.

03Phased, ESG-led development

A staged plan targets first gas in 2027, with infrastructure and operations held to high environmental and social standards.

04Regional optionality

Proximity to corridors keeps a clear path to regional export markets as domestic needs are met.

Milestones

A clear path.

Scroll or use the arrows to move through the timeline.

  1. 2025

    ONEX and HKN sign a binding term sheet with the KRG to develop Miran; Miran Energy JV.

  2. 2027

    Targeted first gas; first well test planned for January 2027.

  3. Long-term

    Potential multi-decade production supporting power and industry across the region.

Footprint

Where this business sits.

Select a pin or a legend entry for details.

  1. 1Miran Gas Field~8 Tcf potential 2C · ONEX 50% of Miran Energy
  2. 2Bazian power hubGas-to-power demand centre
  3. 3Dubai HQONEX Holding

Sustainability

Less flaring, less diesel, more domestic gas.

Developing Miran supports a shift away from gas flaring and diesel-fired generation toward pipeline gas for power and industry — a material emissions and cost opportunity for Iraq’s energy system. The project is being advanced with high ESG standards as a design principle.

Related news

Upstream news

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· Upstream

ONEX and HKN Energy to develop the Miran Gas Field

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