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Oil: Total contracts maximize revenues and develop the petroleum industry
Economical 2023/07/24
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Oil stated that the contracts concluded with the French company Total will achieve a package of positive factors for the Iraqi economy, including the exchange of experiences and modern technology, the development of the oil industry, maximizing financial revenues and providing job opportunities, in addition to the most prominent importance of these contracts represented in stopping the flaring of gas and converting it into useful energy to supply national power stations and support petrochemical industries.
The official spokesman for the ministry, Assem Jihad, told Al-Sabah: “The agreement signed by the Ministry of Oil with the French company Total includes four important contracts that contribute to achieving sustainable development by investing gas with a capacity of 600 million standard cubic feet, in addition to placing huge financial investments in these projects.”
Jihad pointed out that the signed contracts bear great economic and strategic importance, through which the oil sector, the national economy and sustainable development can be supported, as this agreement includes a contract to transfer sea water, desalinate it and pump it to the oil fields or companies that extract oil, indicating the need for a barrel of water to extract a barrel of oil, and therefore this project will transfer and desalinate sea water with a capacity of up to 5 million barrels per day, indicating the importance of this step in preserving water wealth and harnessing it for agricultural and human uses as well
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And the official spokesman stated that the agreement also included the conversion of gas-burned energy that accompanies oil extraction into energy that supplies electrical stations and all gas-related industries, and this project aims to achieve an investment rate of gas in the amount of 600 million standard cubic feet per day, as this project is divided into two phases, each phase 300 cubic meters.
Or 1 million cubic feet per day.
Jihad pointed out that the economic importance of the concluded agreement also lies in the development of the Artawi field in Basra Governorate, where Total produces from 80 to 90 to 210 thousand barrels per day.
As Jihad explained, the agreement will ensure the implementation of a project to benefit from solar energy at an amount of 1,000 megawatts, and this matter is one of the largest projects in the region and can be considered the real beginning of investment in the renewable energy sector, and thus these quantities also supply the national electric energy
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