TotalEnergies confirmed on Wednesday that it agreed with Iraq to go ahead with the $10 billion investment in the country.
The two sides signed the Development & Production Contract agreement in 2021 and over the past few months they jointly defined the necessary conditions and mutual insurances to move forward with the Gas Growth Integrated Project (GGIP).
Under the deal, TotalEnergies and its partners will recover flared gas on three oil fields in order to supply gas to power generation plants and build a seawater treatment plant in order 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." The energy giant also committed to developing a 1 GW solar power plant to supply electricity to the Basrah regional grid in southern Iraq.