Iraq's state-run North Oil Company on Tuesday signed an initial agreement with US-based HKN Energy for the development of the Hamrin oil field in Basra province, just hours after a drone strike targeted one of HKN’s oil fields in the Kurdistan Region. The agreement, signed under supervision of Iraqi Oil Minister Hayyan Abdul Ghani, aims to raise Hamrin’s output to 60,000 barrels per day (bpd), up from its current 20,000 to 25,000 bpd. It also includes plans to invest 45 to 50 million cubic meters of associated gas to fuel power stations, according to a statement from the oil ministry.