According to Iraq’s Deputy Oil Minister for Upstream Affairs Basim Mohammed, French energy giant TotalEnergies and the state-run Basra Oil Company are in the process of finalising side contracts.
The deal was originally signed in 2021 for the construction of four energy projects in southern Iraq but was met with delays over which party would hold a majority stake.
In April 2023, Iraq said it had agreed to a smaller 30% stake in the project, with QatarEnergy joining the consortium with a 25% stake.
The first project consists of injecting seawater into oilfields to enhance production, which will initially cost USD 3 billion.
The second project consists of a new 8.5-mcm-per-day (300-mcf-per-day) gas processing facility for the West Qurna 2, Majnoon, Artawi, Tuba and Luhais gasfields in southern Iraq. TotalEnergies originally agreed to invest an initial USD 2 billion in the project.
The company will also work to up production of the Ratawi oilfield from 85,000 bopd to 210,000 bpd.
The last project involves construction of a 1-GW solar plant meant to supply energy to Basra, Iraq.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.