QatarEnergy has already taken significant steps towards strengthening its presence in Iraq’s energy sector.
Qatar is in talks with Iraq to take part in oil and gas explorations, a top official confirmed in Doha on Tuesday.
Iraq’s Oil Minister Hayan Abdel Ghani al-Sawad made the comments on the first day of the Qatar Economic Forum 2023 in Lusail, which he described as an opportune platform to unveil a series of energy projects that Qatar and Iraq aim to develop in the near future.
“We discussed activating a number of projects in Iraq … with a particular focus on the fifth and sixth rounds involving 19 blocks in the western region of the country,” said Al Sawad.
During discussions with Qatar’s Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, who also serves as the President and CEO of QatarEnergy, the official expressed the importance of activating various projects in Iraq.
He emphasised the need for international companies to be involved in these rounds, underscoring the pivotal role such investments could play in electricity generation and securing financial resources for Iraq’s development.
QatarEnergy has already taken significant steps towards strengthening its presence in Iraq’s energy sector.
The company recently acquired a 25% stake in the Gas Growth Integrated Project in Iraq (GGAT), which aims to harness the natural gas resources within the country. This collaboration involves a partnership with Basra Oil Company, which holds a 30% stake, and TotalEnergies, which holds 45% ownership.
Qatar’s interest in oil and gas exploration projects in Iraq signifies the nation’s commitment to expanding its energy portfolio and forging strategic partnerships in the region as it looks to become the number one LNG exporter in the world.
The investment provides hope for the Iraqi government which has been dealing with internal arrest as Baghdad grapples with Western energy corporations leaving the country.
The agreement calls for building a large-scale seawater treatment facility to improve output from other fields using water injection, a huge solar power plant in the Basra area, and a natural gas gathering network to serve local power plants through the extension of the Ratawi field.
Such endeavours have the potential to unlock Iraq’s vast energy resources, attract foreign investments, and drive sustainable development in the country.
Furthermore, the projects will boost Iraq’s electricity generation capacity and play a crucial role in securing vital financial resources for the nation’s progress.
Global LNG player
Qatar is already recognised as one of the largest liquefied natural gas suppliers globally, and the country is determined to boost production from 77 million tonnes to 126 million tonnes annually by 2027, as part of its two-phase North Field expansion project.
That said, QatarEnergy made significant progress towards this goal last year, signing five deals with international majors such as ExxonMobil, TotalEnergies, ConocoPhillips, ENI, and Shell for the North Field project.
Regionally, QatarEnergy has joined forces with TotalEnergies and Eni in a consortium to explore oil and gas in two maritime blocks off Lebanon.