QatarEnergy to acquire 25% stake in major Iraqi gas project

Published April 5, 2023 5:14 AM

DUBAI, United Arab Emirates (AP) — QatarEnergy, the Gulf country’s state-run petroleum firm, has agreed to buy a 25% stake in a massive gas project in Iraq. It marks the rare entry of a major producer into a market that Western firms have pulled back from in recent years. The Gas Growth Integrated Project was launched by French oil giant Total in 2021. It aims to develop facilities to recover natural gas from several oil fields in southern Iraq where it is currently being flared, as well as treat seawater for injection into oil reservoirs to boost production. Total maintains a 45% share of the project, while Iraq’s Basra Oil Company owns 30%. QatarEnergies said the total investment in the project would be around $10 billion.

Article Topic Follows: AP National

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