Iraq has taken a major step in its energy sector by signing $27B energy projects. The government signed contracts worth $27 billion under the Gas Growth Integrated Project (GGIP). The agreements cover oil, gas, and clean energy development at the Artawi field in Basra.
Additionally, Prime Minister Mohammed Shia al-Sudani oversaw the signing ceremony. The Joint Operating Agreement included Iraq’s Oil Ministry, TotalEnergies, Basra Oil Company, and QatarEnergy.
Therefore, the event also hosted Qatari Energy Minister Saad Sherida Al-Kaabi, TotalEnergies CEO Patrick Pouyanné, Turkish ENKA chief Mehmet Tara, Hyundai’s Ryu Seongan, and China’s CPECC representatives.
Moreover, Al-Sudani welcomed the deals as proof of Iraq’s improved investment climate. Moreover, he said international participation reflects progress in the country’s economy and security. He stressed that Iraq’s energy market is open to serious global investors.
The $27B GGIP includes several major contracts:
- Joint Operating Agreement – QatarEnergy and TotalEnergies, as lead operator, will develop the Artawi field with Iraq’s Oil Ministry and Basra Oil Company.
- Seawater Treatment Plant (STF) – TotalEnergies and Hyundai will build a 7.5 million barrels-per-day facility for treated seawater. This water will support enhanced oil recovery in southern fields.
- Central Oil and Gas Processing Plant – TotalEnergies and ENKA will produce 210,000 barrels of oil per day, 163 million cubic feet of gas, and 240,000 barrels of injection water daily. The plant will use zero-flaring technology.
- Gas Processing Facility – TotalEnergies and China’s CPECC will capture associated gas from Artawi and nearby fields. The facility will target 600 million cubic feet per day in two phases.
Therefore, the GGIP will boost Iraq’s oil recovery, reduce gas flaring, and enhance energy security. It will also support clean energy goals and create new investment opportunities.
In conclusion, analysts call this $27B deal one of Iraq’s largest foreign investment packages in years. It strengthens ties with global partners and promotes long-term energy sustainability.