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Total sets a time limit for the completion of the "mega-deal" projects with Iraq
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Baghdad Today - translation
The French company Total Energy announced today, Monday, that it will need at least four years to complete the first stages of the $27 billion deal it concluded with the Iraqi government.
The company said, through its CEO, Patrick Bayonne, according to what was translated by (Baghdad Today), that the rates of progress in the completion of energy projects in Iraq "depend on the nature of the projects," explaining that "the first part of the work, according to the agreement with the Iraqi government, is the establishment of solar power stations, Which will take at least two years to complete."
He added, "The second part includes work to expand oil production within Iraqi fields by 120,000 barrels of oil and invest associated gas to operate power generators that depend on fossil fuels," noting that "this part will require at least two additional years of work," according to his description, stressing The projects are, in fact, very huge and will require 10 billion dollars for implementation.
The Ministry of Oil signed today, Monday - after a long wait - four contracts for giant projects with the French company Total, at a value of up to 27 billion dollars.
Oil Minister Hayan Abdel-Ghani explained that: “The first of these projects is the use of the sea for the purposes of reservoir support, which is one of the projects with great economic feasibility. The other project is the investment of associated gas with a capacity of 600 million standard cubic feet per day. Production from this field has increased to more than 210,000 barrels per day.
He pointed out that "the fourth contract project represents an important addition to the renewable energy sector in Iraq, which is the investment of solar energy with a capacity of 1000 megawatts, and it is one of the largest energy projects in the region."
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