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TotalEnergies (Paris:TTE) confirms the terms of the Gas Growth Integrated Project (GGIP) with the Iraqi Government, following recent meetings between Prime Minister Al-Sudani and CEO Patrick Pouyanné. The partnership consists of TotalEnergies (45%), Basrah Oil Company (30%), and QatarEnergy (25%). This consortium will invest approximately $10 billion to enhance Iraq’s natural resources, improve electricity supply, and recover flared gas. Additionally, a 1 GW solar power plant will be developed to supply the Basrah regional grid, with Saudi company ACWA Power invited to join.
Positive
TotalEnergies confirms a strategic partnership with the Iraqi Government, enhancing foreign investment in Iraq.
Estimated investment of approximately $10 billion in the Gas Growth Integrated Project supports resource development and electricity supply.
Development of a 1 GW solar power plant improves renewable energy contribution to the regional grid.
Negative
None.
PARIS--(BUSINESS WIRE)--
Regulatory News:
While confirming all the terms of the Development & Production Contract signed in 2021, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and the Iraqi Government have, through exchanges in the past months, including in 4 occasions between Prime Minister Al-Sudani and Chairman & CEO Patrick Pouyanné, jointly defined the necessary conditions and mutual insurances to move forward with the Gas Growth Integrated Project (GGIP).
The Iraqi Government and TotalEnergies have agreed on a 30% stake for the Basrah Oil Company (BOC) in the GGIP. Furthermore, in agreement with the Iraqi Government, TotalEnergies has invited QatarEnergy to take a 25% stake in the GGIP.
The consortium will thus be composed of TotalEnergies (45%), Basrah Oil Company (30%) and QatarEnergy (25%).
TotalEnergies welcomes the continuity of the voice of the State of Iraq on this Development & Production Contract, which is a strong and positive signal for foreign investment in the country.
Signed in September 2021, the GGIP has for main purpose to enhance the development of Iraq’s natural resources to improve the country’s electricity supply.
According to these agreements, TotalEnergies and its partners will invest approximately $10 billion (100% share):
to recover flared gas on three oil fields in order to supply gas to power generation plants,
to 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.
Furthermore, TotalEnergies will develop a 1 GW solar power plant to supply electricity to the Basrah regional grid. In agreement with Iraqi authorities, TotalEnergies will invite the Saudi company ACWA Power to join this solar project.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
What is the Gas Growth Integrated Project (GGIP) by TotalEnergies?
The GGIP is a development initiative signed in September 2021 focused on enhancing Iraq’s natural resources and improving the country's electricity supply.
What is the investment amount TotalEnergies is committing to the GGIP?
TotalEnergies and partners will invest approximately $10 billion in the Gas Growth Integrated Project.
What is TotalEnergies' stake in the Gas Growth Integrated Project?
TotalEnergies holds a 45% stake in the Gas Growth Integrated Project.
Which companies are partnering with TotalEnergies in the Gas Growth Integrated Project?
TotalEnergies is partnering with Basrah Oil Company, which holds a 30% stake, and QatarEnergy, which holds a 25% stake.
What new project will TotalEnergies develop in Iraq?
TotalEnergies will develop a 1 GW solar power plant to supply electricity to the Basrah regional grid.
