TOTALENERGIES SE: Iraq: TotalEnergies Signs Major Agreements for the Sustainable Development of the Basra Region Natural Resources
06 Septembre 2021 - 9:00AM
UK Regulatory
TIDMTTE
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), the Iraqi
Ministries for oil and electricity, and the country's National
Investment Commission have signed, in the presence of the Prime
Minister of Iraq, major agreements covering several projects in the
Basra region, designed to enhance the development of Iraq's natural
resources to improve the country's electricity supply. Iraq, a
country rich in natural resources, is indeed experiencing
electricity shortages while it faces a sharp increase in demand
from the population.
TotalEnergies, with the support of the Iraqi authorities, on the
one hand will invest in installations to recover gas that is being
flared on three oil fields and as such supply gas to 1,5 GW of
power generation capacity in a first phase growing to 3 GW in a
second phase, and, on the other hand, will also develop 1 GWac of
solar electricity generation capacity to supply the Basra regional
grid.
These agreements include:
-- The construction of a new gas gathering network and treatment units to
supply the local power stations, with TotalEnergies also bringing its
expertise to optimize the oil and gas production of the Ratawi field, by
building and operating new capacities.
-- The construction of a large-scale seawater treatment unit to increase
water injection capacities in southern Iraq fields without increasing
water withdrawals as the country is currently facing a water-stress
situation. This water injection is required to maintain pressure in
several fields and as such will help optimizing the production of the
natural resources in the Basra region.
-- The construction and operation of a photovoltaic power plant with a
capacity of 1 GWp to supply electricity to the grid in the Basra region.
These projects represent a total investment of approximately $10
billion (100% share).
"These agreements signal our return through the front door to
Iraq, the country where our Company was born in 1924. Our ambition
is to assist Iraq in building a more sustainable future by
developing access to electricity for its people through a more
sustainable use of the country's natural resources such as:
reduction of gas flaring that generates air pollution and
greenhouse gas emissions, water resource management and development
of solar energy," said Patrick Pouyanné, TotalEnergies' Chairman
and CEO. "This project perfectly illustrates the new sustainable
development model of TotalEnergies, a multi-energy Company which
supports producing countries in their energy transition by
combining the production of natural gas and solar energy to meet
the growing demand for electricity. It also demonstrates how
TotalEnergies can leverage its unique position in the Middle East,
a region where the lowest-cost hydrocarbons are produced, to gain
access to large-scale renewable projects", he added.
TotalEnergies in Iraq
In Iraq, TotalEnergies started its activities in the 1920s with
the discovery of Kirkuk field. In the 1970s, TotalEnergies brought
the Buzurgan and Abu Ghirab fields on stream. The company currently
has a 22.5% interest in the Halfaya oil field producing
approximately 20,000 barrels per day (TotalEnergies' share) in
2020.
TotalEnergies sells lubricants in Iraq through distributors on
the local retail market. Our affiliate Saft takes part in calls for
tender as a subcontractor.
About TotalEnergies
TotalEnergies is a broad energy company that produces and
markets energies on a global scale: oil and biofuels, natural gas
and green gases, renewables and electricity. Our 105,000 employees
are committed to energy that is ever more affordable, clean,
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.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TotalEnergies SE directly or indirectly owns investments are
separate legal entities. TotalEnergies SE has no liability for
their acts or omissions. The terms "Company" or "TotalEnergies
company" refer collectively to the company TotalEnergies SE and the
companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present
communication. Likewise, the words "we", "us" and "our" may also be
used to refer to subsidiaries in general or to those who work for
them. 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.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l
@TotalEnergiesPR
Investor Relations: +44 (0)207 719 7962 l
ir@totalenergies.com
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CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2021
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