TotalEnergies, Iraq to Move Forward With Energy Project
By Giulia Petroni
TotalEnergies SE has reached an agreement with the Iraqi government to move forward with a long-delayed energy project that aims to enhance the development of Iraq's natural resources to improve the country's electricity supply.
The French oil-and-gas major on Wednesday said that Iraq's Basrah Oil Company will take a 30% stake in the gas growth integrated project, while QatarEnergy was invited to take a 25% stake. TotalEnergies holds a 45% stake in GGIP.
The partners are set to invest approximately $10 billion in order to recover flared gas on three oil fields to supply gas to power plants and to build a seawater treatment plant to provide water injection for pressure maintenance to increase regional oil production.
TotalEnergies said it will also develop a 1-gigawatt solar plant to supply electricity to the Basrah regional grid.
In 2021, the French company signed an agreement to develop oil, gas and renewables projects in Iraq's Basra region, but the deal has been stuck amid disputes over terms.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 05, 2023 02:54 ET (06:54 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is GE Aerospace Stock a Buy, a Sell, or Fairly Valued?
-
3 Good Stocks to Buy with Your Tax Refund in 2024 (Or with Any Extra Money)
-
SoFi Earnings: Revenue Growth Slows on Lower Loan Growth and Higher Credit Costs
-
Tesla: Full Self-Driving Approval In China Supports Our View for Deliveries Growth In 2024
-
Philips Earnings: Firm Reaches $1.1 Billion Settlement Agreement
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track