Iraq signs $27 bn deal with France's Total on 4 energy projects

Iraq signs $27 bn deal with France's Total on 4 energy projects

IANSUpdated: Monday, September 06, 2021, 01:46 PM IST
article-image
The French company will increase output of the Artawi oil field from 85,000 barrels per day (bpd) to 210,000 bpd |

Iraq has signed a deal worth $27 billion with French oil and gas company Total on four energy projects, according to a statement released by the Prime Minister's Office.

The deal, signed on Sunday, includes three contracts between the Iraqi Ministry of Oil and Total to develop the oil field of Artawi in the southern province of Basra, while the fourth was signed between the Ministry of Electricity and Total to establish a solar energy project, reports Xinhua news agency.

The French company will increase output of the Artawi oil field from 85,000 barrels per day (bpd) to 210,000 bpd, build a gas complex to exploit the associated gas from the oil field, and provide seawater with the capacity of 7.5 million bpd to it, the statement said.

The fourth project is to build a solar energy project with a capacity of 1,000 megawatts, it added.

Iraq's economy relies heavily on the export of crude oil, which brings in more than 90 per cent of the country's revenues.

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...