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Iraq and France sign an agreement to invest in gas and develop oil fields

Category: Economy

Date: 2021-09-05T15:59:14+0000
Iraq and France sign an agreement to invest in gas and develop oil fields

Shafaq News/ Under the sponsorship of the Iraqi Prime Minister Mustafa Al-Kadhimi, the agreement for optimal investment projects for associated gas and developing oil fields between the Iraqi Oil Ministry and the French Total was signed today.

The agreement includes, according to a statement by Al-Kadhimi's office, "three contracts between the Iraqi Oil Ministry and the French Total, as well as the fourth contract regarding the solar energy project between the Ministry of Electricity and Total."

The agreement aims, according to the statement, "to achieve the optimal investment of Iraq's wealth, including oil and gas reserves and water resources, and secure a high degree of stability for electrical energy, as well as rising oil production capacity."

The first project is for developing the Artawi oil field and achieve peak production of 210,000 barrels per day, introducing modern technology, training Iraqi staff, and providing job opportunities for Iraqi citizens.

The second project is for constructing the Artawi gas complex with a capacity of 600 million standard cubic feet, to invest burned gas, which leads to reducing gas imports from neighboring countries, producing an amount of condensate estimated at 12000 barrels per day, and a quantity of LPG estimated at 3000 tons per day for the local market, as well as introducing modern technology, training Iraqi staff, and providing job opportunities for citizens.

As for the third project, it includes supplying seawater, except for a part of the pipeline network with a capacity of 5 million barrels of water per day, a treatment plant with a design capacity of 7.5 million barrels of water per day, while the fourth project includes constructing an electric power plant that relies on solar energy to produce electrical energy at a cost of less than 45% with a total production capacity of 1000 megawatts.

"The total value of the four projects amounts to 27 billion dollars, while the total return on profits during the contract period reaches 95 billion dollars, calculating the price of a barrel of 50 dollars."

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