Al-Kadhimi sponsors the signing ceremony of the oil fields development agreement with the French company Total

Baghdad - INA 

The Prime Minister, Mustafa Al-Kadhimi, sponsored, today, Sunday, the signing ceremony of an agreement for optimal investment projects for associated gas and the development of oil fields with the French company Total.

The media office of the Prime Minister stated in a statement received by the Iraqi News Agency (INA), that "today, under the patronage of the Prime Minister, the signing ceremony took place with initials, on the agreement for optimal investment projects for associated gas and the development of oil fields, which includes three contracts between the Iraqi Ministry of Oil and a company The French Total, and the fourth contract for the solar energy project between the Ministry of Electricity and the French Total.

He added that "the agreement aims to achieve the optimal investment of Iraq's wealth, from oil and gas reserves and water resources, and to secure a high degree of stability for electrical energy, as well as to raise oil production capacity," noting that "the first project includes the development of the Artawi oil field, whose production is available 85 thousand barrels per day, to a peak production of up to 210 thousand barrels per day, the introduction of modern technology, the training of Iraqi staff, and the provision of job opportunities for Iraqi citizens.

He continued that " The second project includes the construction of an Artawi gas complex with a capacity of 600 million standard square feet (MSQF) For the purpose of investing gas burned from oil fields, which leads to reducing gas imports from neighboring countries, producing an amount of condensate estimated at 12000 barrels per day, and producing a quantity of LPG estimated at 3000 tons per day for the local market, as well as introducing modern technology, training Iraqi staff, and providing job opportunities for citizens.

The media office of the Prime Minister indicated that "the third project includes the supply of joint sea water, with the exception of part of the pipeline network with a capacity of 5 million barrels of water per day, the treatment plant and a design capacity of 7.5 million barrels of water per day, in addition to introducing modern technology and training Iraqi staff, and providing job opportunities.

He stated that "the fourth project includes the construction of an electric power plant that relies on solar energy, to produce electrical energy at a cost of less than 45% of the cost of energy production from current power stations, with a total production capacity of 1,000 megawatts."

He pointed out that "the total value of the four projects is $27 billion, while the total return on profits during the contract period is $95 billion, calculating the price of a barrel of $50.