Doha, Qatar – QatarEnergy has agreed to hold a 25 percent share in the Gas Growth Integrated Project (GGIP) – a multi-billion-dollar project aimed at monetizing and developing the natural gas resources of Iraq.
The GGIP consortium will be composed of Basra Oil Company (30 percent), TotalEnergies (45 percent), and QatarEnergy (25 percent), subject to the finalization of necessary contractual arrangements and customary regulatory approvals.
“We are pleased to be part of this significant development, which is important for Iraqs energy sector, and we look forward to working with TotalEnergies and Basra Oil Company to progress it to fruition,” HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi said. “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 nearly $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. It ijcludes a seawater treatment and distribution system to supply water for injection into oil reservoirs for pressure maintenance purposes.