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The government contracts with Total Energy to implement the $10 billion project
The first 04/08/2023
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Raghad Daham
The disputes between the previous government and France's Total Energy almost canceled an ambitious four-pronged contract to exploit associated gas and desalinate sea water for the purposes of oil extraction and electricity generation, after the previous government insisted on its share of the project, which was rejected by the French company that had been operating in Iraq since the 1920s.
With the Ministry of Oil announcing its approaching the final stages of the contract with Total, which specializes in the field of energy, with a contract value exceeding $27 billion, the Ministry of Electricity confirmed its role in the joint contract with the Ministry of Oil, as Total will invest in the Artawi field by raising its production capacity from 85,000 barrels to 210,000 barrels per day. .
The ministry's spokesman, Ahmed Al-Abadi, said, in an interview with "Al-Sabah": "As far as the matter is concerned with the Ministry of Electricity, the project will include the construction of a giant solar energy station with the capacity of supplying a thousand megawatts in Basra Governorate," noting that "the contracts for the Ministry of Electricity have been completed to begin." work and a meeting was held with the company and urged it to start building the station.”
Iraq hopes that this contract with the French energy giant Total Energy will contribute to the revival of foreign investment in the country, for the purpose of building four oil, gas and renewable energy projects with initial investments of $ 10 billion in southern Iraq over a period of 25 years, as the government reduced its participation in the project from 40% to 30% after obstacles and negotiations stopped its initiation, despite the passage of nearly two years since the agreement with the French in 2021.
A member of the Parliamentary Energy Committee, Adnan Al-Jabri, explained, in an interview with "Al-Sabah", that "an integrated total contract, which includes the production of electricity with associated gas, as well as filtering sea water for oil uses and increasing oil production, as the contract was in four axes," adding that "in With regard to electricity production, the contract will increase production to meet local needs, enhance contracting and be more stable and productive.
In terms of the financial aspect, a member of the Parliamentary Finance Committee, Jamal Cougar, explained to “Al-Sabah” that “contracts related to the energy field, the latest of which is with Total Energy, fall within the investment projects,” noting that “financial allocations and project costs are paid in the form of payments distributed over the age and completion period.” The project".
Cougar pointed out that "allocations and financial payments are allocated on the budgets of the years witnessed by the project." The recent agreement will allow Total to invite other parties, including the Saudi company ACWA Power, to participate in a part of the project devoted to solar energy. Thus, the prospective investment alliance will include Total Energy with 45%, Basra Oil Company with 30% and Qatar Energy with 25% of the project.
Edited by: Ali Abdel-Khalek
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