By John Lee.
The Iraqi cabinet has approved a plan for the newly-formed Iraqi National Oil Company (INOC) to be a financial partner with TotalEnergies in its projects in Basra.
It said it will support INOC to "maximize revenues and financial returns to the general budget."
In September, TotalEnergies signed a number of 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.
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.
(Source: Govt of Iraq)The post INOC to be Partner in TotalEnergies Basra Projects first appeared on Iraq Business News.