TotalEnergies is investing in oil, gas and solar energy projects worth $27 billion in Iraq, returning to the country where the French company made its first energy discovery nearly a century ago.
This time, however, no new exploration is planned despite Iraq's vast oil reserves, reflecting a shift by some major oil companies towards cleaner energy sources as the planet battles rising greenhouse gas emissions.
Instead, TotalEnergies will invest in a solar energy plant and projects to improve output from existing oil and gas fields in the country, OPEC's second largest oil producer.
In a statement on Monday, TotalEnergies said an initial $10 billion investment would go toward a range of projects, including one to recover flared gas on three oilfields in order to supply local power stations. Gas flaring occurs during oil production, generating harmful greenhouse gas emissions and wasting the gas.
A second project involves injecting seawater into oil fields to optimize production while conserving scarce water supplies, and a third entails the construction of a solar power plant to supply Iraq's Basra regional grid.
"These agreements signal our return through the front door to Iraq, the country where our company was born in 1924," said TotalEnergies CEO Patrick Pouyanné. "Our ambition is to assist Iraq in building a more sustainable future by developing access to electricity for its people through a more sustainable use of the country's natural resources," he added.
Total ...
Read Full Story: https://www.actionnewsnow.com/content/national/575251882.html
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.