- TotalEnergies SE TTE and Iraq have confirmed 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.
- Three sources told Reuters that Iraq has agreed to lower its share to 30% from 40% in the project, which was a key sticking point as TotalEnergies wants a majority stake.
- An industry source said that the agreement to lower the share to 30% was struck after meetings in Baghdad over the past few days.
- The consortium will thus be composed of TotalEnergies (45%), Basrah Oil Company (30%), and QatarEnergy (25%).
- Signed in September 2021, the GGIP mainly aims to enhance the development of Iraq’s natural resources to improve the country’s electricity supply.
- TotalEnergies and its partners will invest approximately $10 billion.
- Citing a few analysts, Wall Street Journal writes that estimated spending could eventually exceed $20 billion through the project’s expected 25-year life.
- In agreement with Iraqi authorities, TotalEnergies will invite the Saudi company ACWA Power to join this solar project.
- The project includes constructing a natural gas gathering network to supply local power stations, building a large-scale seawater treatment facility to boost output from other fields using water injection, and a solar power plant in the Basrah region.
- TotalEnergies will develop a 1 GW solar power plant to supply electricity to the Basrah regional grid.
- Price Action: TTE shares are up 0.89% at $62.63 on the last check Wednesday.
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