Iraq Signs An Agreement To Invest Associated Gas And Develop Oil Fields With The French Company Total

Baghdad / NINA / - Iraq has signed an agreement for optimal investment projects for associated gas and the development of oil fields, which includes three contracts between the Ministry of Oil and the French Total, and the fourth contract for the solar energy project between the Ministry of Electricity and the French Total. The media office of the Prime Minister stated in a statement, that: “Today, Sunday, under the patronage of Prime Minister Mustafa Al-Kadhimi, a signing ceremony took place with initials, on the umbrella of the agreement for optimal investment projects for associated gas and the development of oil fields, which includes three contracts between the Iraqi Ministry of Oil and the French company Total, and the fourth contract for a solar energy project between the Ministry of Electricity and the French company Total. It added, "The agreement aims to achieve the optimal investment of Iraq's wealth, from oil and gas reserves and water resources, and to secure a high degree of stability for electrical energy, as well as raising oil production capacity." The statement continued, "The first project includes developing Artawi oil field, with an available production of 85,000 barrels per day, to a peak production of up to 210,000 barrels per day, entering modern technology, training Iraqi staff, and providing job opportunities for Iraqi citizens." The second project includes the construction of an Artawi gas complex with a capacity of 600 million standard square feet for the purpose of investing gas burned from oil fields, which leads to reducing gas imports from neighboring countries, producing an amount of condensate estimated at 12000 barrels per day, and producing a quantity of LPG estimated at 3000 tons per day for the local market, as well as entering modern technology, training Iraqi staff, and providing job opportunities for citizens. As for the third project, it includes the supply of joint sea water, with the exception of part of the pipeline network, with a capacity of 5 million barrels of water per day, for the treatment plant and a design capacity of 7.5 million barrels of water per day, in addition to entering modern technology, training Iraqi staff, and providing job opportunities. The fourth project includes the construction of an electric power plant that relies on solar energy, to produce electric power at a cost of less than 45% of the cost of energy production from current plants, with a total production capacity of 1000 megawatts. The total value of the four projects is $27 billion, while the total return on profits during the contract period is $95 billion, calculating the price of a barrel of $50./End