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France’s oil giant TotalEnergies will complete four $multi-billion projects awarded by Iraq last week in 2029, the official Iraqi news agency said on Tuesday.
Phase 1 of the gas projects will add nearly 300 million cubic feet per day to Iraq’s gas production and the quantity will double at the end of phase 2, the agency said, quoting Nusair Jabbar, Studies and Planning Director at the Iraqi Oil Ministry.
Jabbar said Iraq would contribute $1.4 billion to those projects under the $27-billion agreement signed with TotalEnergies on july 10.
“TotalEnergies will complete the projects in 2008-2029 in line with the agreement signed with the Oil Ministry,” Jabbar said, adding that the produced gas would not enable Iraq to achieve self-sufficiency in gas supplies.
He said the gas projects would cost around $1.6 billion while planned solar power plant would cost nearly $700 million. “We expect investment in all the projects to reach $13 billion over the next 20 years,” he added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
