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.
Source:https://www.oilandgasmiddleeast.com/