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[size=30]Bloomberg: Imminent failure of a contract between Iraq and France's Total for energy and electricity projects
2021-09-03
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Yes Iraq: Baghdad
Informed sources said that the government of Iraq and Total Energy are about to finalize an agreement that will launch billions of dollars in investments aimed at boosting oil and gas production and reducing power outages in the Middle Eastern country.
The sources told Bloomberg that "under the agreement, which may be announced soon on Sunday, the French energy company will invest in the large Artawi oil field in the southern province of Basra, and bring experience in pumping sea water to oil wells in the region to maintain its production.”
Total Energy will also help Iraq obtain natural gas associated with several oil fields in the region, as the sources said that “this fuel, which is currently burned in the open air, can be used to feed power plants, and that the company will also build a solar power plant.” Very large".
These projects may come as a boon for the Iraqi government, which faces its elections next month as Iraq faces the dilemma of frequent power cuts, as well as faltering investment in infrastructure in the oil-rich country due to years of conflict, terrorism and insecurity.
Baghdad, which wants to reduce its dependence on gas imports from Iran, gave its approval in July to a preliminary agreement with Total Energy to boost the country's hydrocarbon production and build a 1,000-megawatt solar power plant. The country relies mainly on natural gas to supply its power stations.
These deals will contribute to strengthening the French company's presence in the second largest producer in OPEC, as well as its expansion in the Middle East and North Africa after previous deals in Libya, Qatar and Abu Dhabi.
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