Qatar Energy has agreed to acquire a 25% stake in the Gas Growth Integrated Project (GGIP), a multi-billion dollar project aimed at developing natural gas resources in the Republic of Iraq.
The project consortium will consist of Basra Oil Company (30%), Total Energies (operator – 45%) and Qatar Power (25%), after finalizing contractual arrangements and obtaining the usual regulatory approvals as per Qatar Power.
On this occasion, His Excellency Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said: "We thank Total Energies for inviting us to partner with them, and we also thank the esteemed Iraqi government for welcoming us as a member of this partnership. We are pleased to be part of this important and vital project for the energy sector in the sister Republic of Iraq. We look forward to working with our partners Total Energies and the Basra Oil Company to make this project a success. I would like to thank the Iraqi government for its invaluable support in reaching this agreement and for its confidence in Qatar Energy as a reliable partner."
The Integrated Gas Growth Project, which was signed in September 2021, is a strategic project that includes investments of about $10 billion to design and construct facilities to recover large quantities of gas that were previously flared in the Basra region and supply it to power plants, in addition to building an integrated system for processing and distribution. Sea water to be injected into oil reservoirs to maintain pressure in those reservoirs.
