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Wednesday, September 27, 2023

TotalEnergies triggers multi-billion dollar oil and gas contracts in Iraq

TotalEnergies triggers multi-billion dollar oil and gas contracts in Iraq

Iraq’s state-owned Basra Oil Co said that French oil major TotalEnergies has activated its four investment contracts involving oil, gas, renewable energy and seawater desalination projects.

The Ministry of Oil and TotalEnergies will now enter into contractual commitments to implement the projects, Zawya reported, citing comments by Basra Oil Company’s Director General, Bassim Abdul Karim Al-Shamkhani.

In July, Iraq and TotalEnergies formally signed a long-delayed $27 billion agreement to build four oil, gas and renewables projects. The deal between both parties was initially signed in 2021 with an investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians.

The four projects include:

  • Building a seawater treatment plant to provide water injection for pressure maintenance to increase regional oil production
  • Development of nearly 600 million cubic metres of associated gas and several oilfields in South Basra governorate
  • Boosting output from the Artawi oilfield
  • Developing a 1GW solar power plant to supply electricity to the Basra regional grid.

About Basra Oil & Gas

Iraq is indisputably one of the most attractive regions in the world having the immense oil & gas reserves and production potential.

According to the recent reports, OPEC holds 81.9% of World petroleum reserves. Among OPEC members, Iraq is holding the top 4th crude oil reserves, after Venezuela, Saudi Arabia and Iran (by the end of 2015). In terms of crude oil production, Iraq holds the 2nd place after Saudi Arabia.

Oil&Gas

 

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