Iraqi Ministry of Oil Signs MOU with Total SE

Bloomberg has reported that the French oil giant and the Iraqi Oil Ministry is set to sign a deal that would focus on renewable/ low carbon energy projects, along with projects to deal with the issue of the second-highest gas-burning in the world after Russia.

The minister said “The agreement is giant, and the volume of the investment exceeds $7 billion” and he mentioned that they are planning to finalize the deal by July.

Examples of some of the MOUs that were signed. Firstly, a project to build 1000 megawatts of solar energy. Building units for capturing and refining gas for the fields (Artawi, West Qurna 2, Majnoon, Al-Tuba, Al-Lahis) with a capacity of 600 million cubic feet daily to end the burning of gas. Also, the Artawi field development project which aims at raising its production capacity from 60,000 to 200,000 barrels per day. Lastly, a project to pump seawater into the oil fields to secure the production of an additional 2.5 million barrels.

The minister went on to say “Iraq will lower its gasoline and gas-oil imports by 50% in 2021 and by 90% in 2022. Iraq will need a very limited volume of gas-oil imports to support power generation”.