April 5 (LNGJ) - French major TotalEnergies and the Iraqi Government have signed an agreement to move forward with a $10 billion venture called the Gas Growth Integrated Project (GGIP) and for QatarEnergy to take a 25 percent stake. This would leave TotalEnergies with 45 percent of the project and Iraq's state-owned Basrah Oil Company with 30 percent.
The GGIP aims to further develop Iraq’s natural resources to improve the country’s electricity supply. TotalEnergies and its partners will invest around $10Bln to recover flared gas from three oil fields to supply the gas to power-generating plants. A seawater treatment plant will also be built to provide water injection for pressure maintenance to increase regional oil production as an alternative to the use of fresh water from rivers and aquifers.
