At $27 billion.. "Iraq's contracts with Total" to strengthen the energy system

Baghdad-INA 

The government is striving to boost the energy sector with additional capacities, as it recently signed a $27 billion agreement with the French company Total, aimed at increasing oil production and enhancing the country's ability to produce electricity through the implementation of four oil, gas and renewable energy projects.

The Minister of Oil, Hayan Abdul-Ghani, told the Iraqi News Agency (INA), that "the project signed between Iraq and Total Energies is distinguished and has great importance, as it includes 4 main projects and not a single project, represented in the investment of oil that is produced from the Artawi field, which is distinguished by oil production." Light with a capacity of 210 thousand barrels per day, and the investment of gas from 5 oil fields, which are the fields (Majnoon, West Qurna 2, Al-Luhais, Al-Toba, and Artawi) to invest up to 600 million cubic feet of gas.

Support the national system

He added, "This amount of gas will be harnessed to generate electric power in Iraq and reduce the quantities of gas that are imported from abroad.".

He pointed out, "The project involves a number of companies, namely Total and Qatar Gas Company, which entered at a rate of 25%, and one of the advantages of this project is the entry of solid, large and financially capable companies, in addition to the Basra Oil and South Gas Company."

A promising project

He stressed, "The project is economically promising and of great benefit to the local community," indicating, "The project includes the use of sea water, meaning refraining from using river water in the reservoir support process."
He explained, "The sea water will be filtered and pumped to the various stations with a capacity of 5 million barrels per day, which is the amount of water needed to support the reservoir pressure in the various oil fields to sustain production from these fields."

Great yields

The Director General of the Basra Oil Company, Bassem Abdul Karim, told the Iraqi News Agency (INA), that "the two contracts for the GGIP project between the French Total Company and the Basra Oil Company, as well as between Total and the South Gas Company, are considered one of a total of four contracts for the development of the field." Artawi, and the investment of 600 pumps for the national effort fields, the Majnoon field, and the gas field of West Qurna 2, in addition to the sea water project, which produces 5 million barrels for the purpose of water injection operations and the sustainability of production in the oil fields in Basra, Maysan, and Dhi Qar. The fourth project is the electric power project, which It produces 1,000 megawatts.

Abdel Karim added, "Electric energy and clean energy are part of the Total investment project," stressing that "these major projects have great returns.".

He pointed out, "The largest investment in the first degree is gas, according to the Prime Minister's directives, in addition to the oil investment for the Artawi field and the construction of the clean energy project, as well as among the most important projects the sea water project, during which 5 million barrels of water are produced, which we inject into the oil fields for the sustainability of work and increase its production.He stressed, "There is a great development in these projects, and a lot of benefit has been made from the previous licensing rounds."

Many agreements

The Director General of the South Gas Company, Hamza Abdel-Baqi, told the Iraqi News Agency (INA), that "the loan agreement will be signed, which is a joint agreement between the South Gas Company and the Basra Oil Company, as well as with Total, in addition to activating the contract, and there is a message that will be signed between The three parties today, to activate the contract.".

Abdel-Baqi added, "There are many agreements that will be signed between the Basra Oil Company and Total," pointing out, "The contract was signed a long time ago and was waiting for its activation, but several things took place that delayed the activation, and the matter was resolved by the decision of the Council of Ministers with the participation of Iraq by 30 percent." %, and also the entry of Qatar Gas on the line to contribute to this project.