The Iraqi cabinet has approved Iraqi National Oil Company (INOC), to be a financial partner with TotalEnergies in its Basra projects, according to an Oct. 5 statement from the oil minister and INOC president Ihsan Ismaael, as the country seeks to strengthen the reestablished state-owned firm's role.
The Iraqi cabinet also approved its support for INOC's commercial operations and plans to enhance Iraq's oil and gas production at its weekly meeting on October 5, according to Ismaael.
Iraq inked four energy and power agreements for $27 billion in September with TotalEnergies of France as OPEC's second-largest producer sought foreign investment in its gas, electricity, and oil sectors.
According to a statement from the Iraqi prime minister's media office on Sept. 5, the oil ministry signed three agreements and the electricity minister signed one.
Of these, one is to develop the Ar-Ratawi oil field in Basra which presently produces 85,000 barrels per day (bpd). The target is to pump a maximum of 210,000 bpd.
Another proposal is the construction of the Ar-Ratawi gas processing facility which will recover flared gas and have a capacity of 600 MMcf/d. The project will also produce 12,000 bpd of condensate and 3,000 metric tons per day of LPG for domestic usage.