TotalEnergies, Iraq to Move Forward With Energy Project
05 Abril 2023 - 4:09AM
Dow Jones News
By Giulia Petroni
TotalEnergies SE has reached an agreement with the Iraqi
government to move forward with a long-delayed energy project that
aims to enhance the development of Iraq's natural resources to
improve the country's electricity supply.
The French oil-and-gas major on Wednesday said that Iraq's
Basrah Oil Company will take a 30% stake in the gas growth
integrated project, while QatarEnergy was invited to take a 25%
stake. TotalEnergies holds a 45% stake in GGIP.
The partners are set to invest approximately $10 billion in
order to recover flared gas on three oil fields to supply gas to
power plants and to build a seawater treatment plant to provide
water injection for pressure maintenance to increase regional oil
production.
TotalEnergies said it will also develop a 1-gigawatt solar plant
to supply electricity to the Basrah regional grid.
In 2021, the French company signed an agreement to develop oil,
gas and renewables projects in Iraq's Basra region, but the deal
has been stuck amid disputes over terms.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 05, 2023 02:54 ET (06:54 GMT)
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