1. Home
  2. IRAQ
  3. TotalEnergies to develop natural gas resources in Iraq – EQ Mag
TotalEnergies to develop natural gas resources in Iraq – EQ Mag
0

TotalEnergies to develop natural gas resources in Iraq – EQ Mag

0
0

Gas Growth Integrated Project will require an investment of US$10 billion

QatarEnergy has agreed to take a 25% share in the Gas Growth Integrated Project (GGIP), a multibillion-dollar project aimed at developing the natural gas resources of Iraq.

The GGIP consortium will be composed of Basra Oil Company (30%), TotalEnergies (operator – 45%), and QatarEnergy (25%), subject to the finalization of necessary contractual arrangements and obtaining customary regulatory approvals.

Signed in September 2021, the GGIP is a key strategic project that involves investing approximately US$10 billion to design and construct facilities for recovering significant volumes of otherwise flared gas throughout the Basra region and supplying such recovered gas to power stations, as well as a seawater treatment and distribution system to supply water for injection into oil reservoirs for pressure maintenance purposes.

TotalEnergies will also develop a one-gigawatt solar power plant to supply electricity to the Basrah regional grid. In agreement with Iraqi authorities, the company will invite Saudi Arabia‘s Acwa Power to join the project.

Source: theasset