QatarEnergy, TotalEnergies partner on $10 billion natural gas project in Iraq
(WO) – QatarEnergy has agreed to hold a 25% share in the Gas Growth Integrated Project (GGIP) - a multi-billion-dollar project aimed at monetizing and developing the natural gas resources of the Republic of Iraq.
The GGIP consortium will be composed of Basra Oil Company (30%), TotalEnergies (Operator - 45%), and QatarEnergy (25%), subject to the finalization of necessary contractual arrangements and obtaining customary regulatory approvals.
Signed in September 2021, the GGIP is a key strategic project that involves investing approximately $10 billion to design and construct facilities for recovering significant volumes of otherwise flared gas throughout the Basra region and supplying such recovered gas to power stations, as well as a seawater treatment and distribution system to supply water for injection into oil reservoirs for pressure maintenance purposes.
His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & CEO of QatarEnergy, said, “We are pleased to be part of this significant development, which is important for Iraq’s energy sector, and we look forward to working with TotalEnergies and Basra Oil Company to progress it to fruition. I would like to express our appreciation to the Government of Iraq for their valuable support to reach this point, and for the trust they have placed in QatarEnergy as a reliable partner.”