TotalEnergies aims to complete four multi-billion-dollar oil, gas, and renewables projects in Iraq by 2029.
Phase 1 of these gas projects is expected to boost Iraq’s gas production by nearly 300 million cubic feet per day. During Phase 2, this quantity is set to double.
The projects fall under a $27-billion agreement signed with TotalEnergies on July 10th 2023, with Iraq contributing $1.4 billion towards their realization.
TotalEnergies is committed to completing these projects by 2029 in accordance with the agreement made with the Oil Ministry. However, he pointed out that the gas produced from these projects wouldn’t suffice to make Iraq self-sufficient in gas supplies.
The gas projects are estimated to cost around $1.6 billion, while an additional planned solar power plant is projected to require nearly $700 million in investment. Over the next 20 years, it is anticipated that the overall investment in all the projects will reach an approximate total of $13 billion.
