In reaffirming their commitment to the Gas Growth Integrated Project’s (GGIP) agreement that was signed in September 2021, TotalEnergies and the Iraqi government have jointly defined the necessary conditions and mutual insurances to move forward with the GGIP.
In the GGIP agreement, the Iraqi government and TotalEnergies have agreed on a 30% stake for Basrah Oil Company (BOC). Furthermore, in agreement with the Iraqi government, TotalEnergies has invited QatarEnergy to take a 25% stake in the GGIP.
The consortium will thus be composed of TotalEnergies (45%), Basrah Oil Company (30%) and QatarEnergy (25%).
The GGIP seeks to boost the development of Iraq’s natural resources to improve the country’s electricity supply.
According to these agreements, TotalEnergies and its partners will invest approximately $10 billion (100% share) to recover flared gas on three oil fields in order to supply gas to power generation plants. This is in addition to building a seawater treatment plant in order for the provision of water injection that will ensure the necessary pressure maintenance needed to increase regional oil production, as an alternative to the use of fresh water from rivers and aquifers.
