QatarEnergy said it has agreed to hold a 25% share in the Gas Growth Integrated Project (GGIP) – a multi-billion-dollar project aimed at monetising and developing the natural gas resources of the Republic of Iraq.
The GGIP consortium will be composed of Basra Oil Company (30%), TotalEnergies (Operator – 45%), and QatarEnergy (25%), subject to the finalisation of necessary contractual arrangements and obtaining customary regulatory approvals.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & Chief Executive Officer of QatarEnergy, said: “We thank TotalEnergies for inviting us to partner with them and we thank the esteemed Iraqi Government for welcoming us to be part of this partnership. We are pleased to be part of this significant development, which is important for Iraq’s energy sector, and we look forward to working with TotalEnergies and Basra Oil Company to progress it to fruition. I would like to express our appreciation to the Government of Iraq for their valuable support to reach this point, and for the trust they have placed in QatarEnergy as a reliable partner.”
Signed in September 2021, the GGIP is a key strategic project that involves investing approximately US$10 billion to design and construct facilities for recovering significant volumes of otherwise flared gas throughout the Basra region and supplying such recovered gas to power stations, as well as a seawater treatment and distribution system to supply water for injection into oil reservoirs for pressure maintenance purposes.
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QatarEnergy said it welcomes the opportunity to participate in this project for the Iraqi people, as it brings extensive experience in large-scale energy projects, including seawater treatment projects, and a strong international partnership with TotalEnergies.
QatarEnergy has interests in the Guyana basin, through a partnership with TotalEnergies called TOQAP. Total owns 60% of TOQAP and QatarEnergy owns 40%. TOQAP has a 25% stake in the Orinduik block and a 25% stake in the Kanuku block.
