Miran

Miran is a large, undeveloped gas field in the southern Kurdistan Region of Iraq (KRI), around 70 kilometres east of Kirkuk. Heritage Oil discovered the field in 2009, with Genel Energy assuming full operatorship in 2012 following its acquisition of Heritage’s stake. Development stalled for more than a decade. In December 2021, the Kurdistan Regional Government (KRG) terminated Genel’s production sharing contracts for Miran and the adjacent Bina Bawi field, citing a lack of development progress. Genel subsequently filed a US$1.75 billion arbitration claim against the KRG but lost the case in December 2024. In April 2025, the London Court of International Arbitration ordered Genel to pay the KRG US$27 million in costs and damages. In May 2025, the KRG signed binding term sheets with HKN Energy and WesternZagros for the development of the Miran and Topkhana gas fields, respectively. We continue to hold these fields with the KRG until a formal PSC is signed.