A strategic agreement between Iraq and France’s Total worth 27 billion dollars

Under the patronage of Prime Minister Mustafa Al-Kadhimi, the Iraqi government signed a huge agreement worth 27 billion dollars with the French company TOTAL to invest associated gas with oil in the southern fields, as well as to strengthen the path of clean energy projects, after signing a contract with the Emirati company “Masdar”.

The agreement includes 3 contracts between the Iraqi 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 agreement aims to achieve optimal investment of Iraq’s wealth, including 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. All projects involve using and introducing modern technology, training national cadres, and providing job opportunities for Iraqi citizens.

The first project includes developing the Artawi oil field, with a production of 85,000 barrels per day, to raise its production rate to 210,000 barrels per day.

The second project includes the construction of an Artawi gas complex with a capacity of 600 million standard cubic feet; For the purpose of investing gas burned from oil fields, which leads to reducing gas imports from neighboring countries, producing a quantity of condensate estimated at about 12 thousand barrels per day, and producing a quantity of liquefied petroleum gas estimated at about 3000 tons per day for the local market.

The third project includes the supply of sea water and the establishment of a treatment plant with a capacity of 7.5 million barrels of water per day.

The fourth project includes the construction of an electric power plant that relies on solar energy, to produce electrical energy at a cost of less than 45% of the cost of energy production from current power stations, with a total production capacity of 1000 megawatts.

The Paris-based Total Company is one of the six largest oil companies in Iraq, and it has investments in different parts of Iraq.