S'abonner

Iraq: Agreement between the Iraqi government and TotalEnergies

TotalEnergies and the Iraqi government have confirmed the terms of the contract for the development and production of the GGIP project, with Basrah Oil Company holding 30% and QatarEnergy 25%. The $10 billion project aims to improve Iraq's electricity supply.

Share:

Thanks to discussions over the past few months, in particular on four occasions between Prime Minister Al-Soudani and CEO Patrick Pouyanné, the Iraqi government and TotalEnergies have confirmed all the terms of the Development & Production Contract signed in 2021 and jointly defined the conditions and mutual assurances necessary to move forward on the GGIP (Gas Growth Integrated Project).

The Iraqi government and TotalEnergies have agreed on a 30% stake for Basrah Oil Company (BOC) in the GGIP project. In addition, in agreement with the Iraqi government, TotalEnergies has invited QatarEnergy to take a 25% stake in the project. The consortium will be composed of TotalEnergies (45%), Basrah Oil Company (30%) and QatarEnergy (25%).

TotalEnergies welcomes the continuity of the State of Iraq’s word on this contract, which sends a strong and positive signal for foreign investment in the country. Signed in September 2021, the GGIP project aims to develop Iraq’s natural resources to improve the country’s electricity supply. Under the agreements, TotalEnergies and its partners will invest approximately $10 billion (in 100%) to, among other things: recover flared gas from three oil fields to supply gas to power plants, build a seawater treatment plant to maintain oil field pressure and increase regional production.

In addition, TotalEnergies will develop a giant 1 GW solar power plant to supply the Basra region’s electricity grid. In agreement with the Iraqi authorities, TotalEnergies has invited the Saudi company ACWA Power to participate in this solar project.

*** About TotalEnergies TotalEnergies is a global multi-energy production and supply company: oil and biofuels, natural gas and green gas, renewables and electricity. Its more than 100,000 employees are committed to making energy ever more affordable, cleaner, more reliable and accessible to the greatest number of people. Present in more than 130 countries, TotalEnergies places sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of populations.

  • Popular on energynews.pro
Equinor extends Hammerfest LNG terminal shutdown until August 3
Sonatrach and Sinopec accelerate exploration of new oil basins in Algeria
Qatar threatens to divert its gas exports to Asia over European rules
TenneT invests EUR 5.5 bn in Dutch and German grids in the first half of 2025
Iberdrola and Echelon announce a joint venture for data centres in Spain
Trump hits Brazil with 50% tariffs but spares oil and iron
Washington imposes massive duties citing Bolsonaro prosecution while exempting strategic sectors vital to US industry.
US tariff ultimatum pushes India towards new Asian trade alliances
Sanctions imposed on August 1 accelerate the reconfiguration of Indo-Pacific trade flows, with Vietnam, Bangladesh and Indonesia emerging as principal beneficiaries.
Trump imposes 25% plus mystery penalties on India from August
Washington triggers an unprecedented tariff structure combining 25% fixed duties and an additional unspecified penalty linked to Russian energy and military purchases.
Qatar threatens to cut gas to Europe over climate requirements
Qatar rejects EU climate transition obligations and threatens to redirect its LNG exports to Asia, creating a major energy dilemma.
Uganda opens a mission in Vienna to strengthen its nuclear partnerships
Uganda is relying on a diplomatic presence in Vienna to facilitate technical and commercial cooperation with the International Atomic Energy Agency, supporting its ambitions in the civil nuclear sector.
Saudi Arabia and Syria launch a strategic agreement for regional energy cooperation
The governments of Saudi Arabia and Syria conclude an unprecedented partnership covering oil, gas, electricity interconnection and renewable energies, with the aim of boosting their exchanges and investments in the energy sector.
EU–US energy deal faces global market realities
The European commitment to purchase $250bn of American energy annually raises questions about its technical and economic feasibility in light of limited export capacity.
The European Union and the United States conclude a 15% tariff agreement on trade
A major customs agreement sealed in Scotland sets a 15% tariff on most European exports to the United States, accompanied by significant energy purchase commitments and cross-investments between the two powers.
Trade tensions: Brazil’s strategic minerals at the centre of negotiations with the United States
The Brazilian mining sector is drawing US attention as diplomatic discussions and tariff measures threaten to disrupt the balance of strategic minerals trade.
Trump threatens tariffs on Russian oil, but Reuters says enforcement unlikely
Donald Trump has raised the prospect of tariffs on countries buying Russian crude, but according to Reuters, enforcement remains unlikely due to economic risks and unfulfilled past threats.
Afghanistan and Turkmenistan strengthen cooperation on TAPI gas pipeline and trade initiatives
Afghanistan and Turkmenistan reaffirmed their commitment to deepening their bilateral partnership during a meeting between officials from both countries, with a particular focus on major infrastructure projects and energy cooperation.
European Union tightens sanctions on Russian oil to increase diplomatic pressure
The European Union lowers the price cap on Russian crude oil and extends sanctions to vessels and entities involved in circumvention, as coordination with the United States remains pending.
Brasilia Prepares Trade Countermeasures Amid New U.S. Tariffs of 50%
Brazil adopts new rules allowing immediate commercial measures to counter the U.S. decision to impose an exceptional 50% customs tariff on all Brazilian exports, threatening stability in bilateral trade valued at billions of dollars.
European Commission Warns on Chinese Competition, International Agencies Respond
Several international agencies have echoed warnings by Teresa Ribera, Vice-President of the European Commission, about commercial risks related to Chinese competition, emphasizing the EU's refusal to engage in a price war.
EBRD Lends €400 Million to Moldova to Secure Energy Supply
The European Bank for Reconstruction and Development lends €400 million to JSC Energocom to diversify Moldova's gas and electricity supply, historically dependent on Russian imports via Ukraine.
BRICS Launch Their Own Climate Finance Framework and Reject CBAM
BRICS adopt a joint financial framework aimed at supporting emerging economies while criticizing European carbon border tax mechanisms, deemed discriminatory and risky for their strategic trade relations.
The European Union creates a strategic alliance to secure critical chemical supplies
The European Commission is launching an alliance with member states and industrial players to secure the supply of critical chemicals, amid growing competition from the United States and China.
Russia-Saudi Arabia trade increases by 60% to USD 3.8 billion
Trade between Russia and Saudi Arabia grew by over 60% in 2024 to surpass USD 3.8 billion, according to Russian Minister of Industry and Trade Anton Alikhanov, who outlined new avenues for industrial cooperation.
BRICS Advocate for Energy Market Stability Amid Sanctions
Meeting in Rio, BRICS nations urge global energy market stability, openly condemning Western sanctions and tariff mechanisms in a tense economic and geopolitical context.
Iran: Oil Dependence Limits Alliances with Moscow and Beijing
Despite strong ties, Iran's dependence on oil revenues limits its ability to secure substantial strategic support from Russia and China amid current international and regional crises, according to several experts.

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING