fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Markets Energy

Iraq🇮🇶: Total has signed contracts worth $27 billion to develop natural gas, water projects, and oil fields

Total will provide Iraq with its urgent needs of developing localized gas resources to meet the electricity demands that usually rise during the summer months

Sakshi K S by Sakshi K S
September 7, 2021
in Energy, Funds, Top Stories
Reading Time: 3 mins read
0
Iraq: Total has signed contracts worth $27 billion to develop natural gas, water projects, and oil fields

Iraq: Total has signed contracts worth $27 billion to develop natural gas, water projects, and oil fields

652
SHARES
3.6k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Total, a French energy goliath, has authenticated mega-value contracts with Iraq to develop natural gas, water projects, and oil fields which will be essential for the oil-abundant nation to sustain crude production. The contract was valued at a whopping $27 billion.

The deals were signed under the presence of Prime Minister, Mustafa al-Kadhimi, stated a source from the Ministry of Oil.

Total collaborated with the Ministry of Oil for the advancement of the Ratawi Oil Field in southern Iraq. The hub is a gas processing field that possesses natural gas from 5 southern oil fields. This project is significant for the treatment and injection of the Gulf seawater into reservoirs that are dedicated to upholding the oil production levels.

The deal with the French company is of utmost ambition and profitable character, signed by the Iraqi oil goliath in years. The deal comes to fruition as several international oil firms have taken strategic steps to leave the Iraqi oil sector.

Apart from the previously mentioned projects, the Ministry of Electricity has authenticated a fourth project to construct a 1,000-megawatt solar power plant.

Total in Iraq 🇮🇶

Total will provide Iraq with its urgent needs of developing localized gas resources to meet the electricity demands that usually rise during the summer months. The nation is abundantly reliant on Iranian electricity and gas imports, which have been lop-sided owing to the high demand surge and outstanding payments in Iran.

Oil Minister, Ihsan Abdul-Jabbar Ismail, stated that he was targeting increasing Iraq’s gas volume by 85 million cubic meters by the year 2025. The advancement of the gas processing center would enable Iraq to bag a closer position to that target. Currently, Iraq imports 56.6 million cubic meters of natural gas to fulfill the domestic needs of the country.

The Total project necessitates the construction of a gas complex that is proficient in processing and separating the natural gas linked with petroleum that is procured from the West Qurna 2, Ratawi, Tuba, Majnoon, and Luhais oil fields.

Presently, Iraq is devoid of the capacity to procure and separate natural gas from petroleum. It is burned off in the atmosphere instead. Specialists have stated that the inefficiency in capturing natural gas has caused Iraq to waste millions of dollars in revenue. However, procurement continues to be the biggest necessity for Iraqi geography owing to its surge in domestic electricity needs.

Industry officials in the Oil Ministry have claimed that seawater development was a crucial factor in developing the welfare of the Iraqi oil industry. The French company and Iraq have also signed a deal that will facilitate the development of the Gulf seawater.

The oil industry books 90% of the state’s revenue. To maintain the current production rate and achieve future goals, the field is reinjected with water to maintain pressure. Hence, Total’s deal comes as a beacon of light to safeguard this majority of the state’s revenue.

The Total deal was encouraged by Prime Mister, Mustafa al-Kadhimi, before the national elections which will be held in October.

The Iraqi contracts with Total resonated with the latter’s other multi-project deal which has been in negotiation for several years with ExxonMobil, a US oil mogul. However, years of unfruitful discussions have caused the deal to fall through.

Total’s deal in Iraq arrives at a time when several other existing oil companies brainstorm to exit from the Iraqi geography. ExxonMobil has announced in 2021 that it will be selling off its shares from the West Qurna 1 oil field. The oil minister also stated that British Petroleum will hive-off the expansion of the Rumaila oil field, which boasts itself as the country’s largest oil field.

Via: Short URL
Tags: funds for natural gasIraq electricity supplyIraq energy supplyRataqi oil fieldTotal
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

Related Posts

Meta shares increase the most since 2013 and earns $40 billion in share buybacks
Finance

Meta shares increase the most since 2013 and earns $40 billion in share buybacks

by Riya Thomas
February 3, 2023
Bank of England plans for its 10th successive interest-rate hike, stiffens for shallow recession
Funds

Bank of England plans for its 10th successive interest-rate hike, stiffens for shallow recession

by Riya Thomas
February 2, 2023
A Western Oil Milestone: Exxon Sets Historic High with Record $56 Billion Profit
Ultility

A Western Oil Milestone: Exxon Sets Historic High with Record $56 Billion Profit

by Riya Thomas
February 1, 2023
Adani Group shares plunged, resulting in the erasure of $72 billion after three-day selloffs
Funds

72 Billion Wiped Out: Adani Group Shares Plunge After Three-Day Selloffs

by Riya Thomas
January 30, 2023
Baidu, the Chinese search giant all set to launch a ChatGPT-style bot in March 2023
Technology

Baidu, the Chinese search giant all set to launch a ChatGPT-style bot in March 2023

by Riya Thomas
January 30, 2023
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Unlocking Possibilities with ChatGPT: What AI-Assisted Conversation Could Mean for You?

Unlocking Possibilities with ChatGPT: What AI-Assisted Conversation Could Mean for You?

February 7, 2023
AMC Theatre

Want a Seat In The Middle of The Theatre? Pay More: AMC Movies

February 7, 2023
Contact- Egypt's Leading Financial Services Company Harnesses the Power of Artificial Intelligence

Contact- Egypt’s Leading Financial Services Company Harnesses the Power of Artificial Intelligence

February 7, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version