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France's TotalEnergies to invest $27 billion in oil, gas and solar energy production in Iraq

The agreement is expected to further boost TotalEnergies’ footprint in the country

France's TotalEnergies to invest $27 billion in oil, gas and solar energy production in Iraq

Source: Courtesy of Total

Baghdad, September 7 - Neftegaz.RU. Iraq and TotalEnergies signed 4 contracts that will see the French supergiant invest $27 billion to develop oil, gas, solar power and a water project.
The package promises to provide transformational infrastructure for processing gas, boosting electricity supply, and raising oil production capacity.

The contract with TotalEnergies covers 4 projects over 25 years:
  • the Ar-Ratawi oil field project, which currently produces 85,000 b/d, in order to pump a maximum of 210,000 b/d
  • the Ar-Ratawi gas processing plant with a capacity of 600 MMcf/d to capture flared gas
  • a sea-water treatment project that will process 7.5 million b/d of water
  • the construction of a solar power plant with a total capacity of 1 GW
TotalEnergies CEO Patrick Pouyanné said at the contract signing:
  • The company will make an initial investment of $10 billion
Iraqi oil minister Ihsan Abdul Jabbar Ismail, as quoted by the AFP, said:
  • This is the largest investment in Iraq by a Western company
  • Implementing these projects is the challenge we face now
In Iraq, TotalEnergies started its activities in the 1920s with the discovery of Kirkuk field.
In the 1970s, TotalEnergies brought the Buzurgan and Abu Ghirab fields on stream.
The company currently has a 22.5% interest in the Halfaya oil field producing approximately 20,000 barrels per day (TotalEnergies’ share) in 2020.

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