TotalEnergies to develop Iraqi Ratawi gas project
Iraqi government and TotalEnergies have signed a preliminary agreement to develop Ratawi gas field located in Basra governorate, Iraqi News Agency reported on July 25.
The French firm plans to develop the project in two phases to process 300mn ft3/day of gas in each, the news agency reported. Iraq is looking to boost its gas output. Recently, Baghdad said it will invest $3bn in the Basra Gas Co over the next five years.
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Iraq has significant gas reserves, but a lack of infrastructure means that around 70% of the gas that it produces is flared. This makes Iraq the biggest flarer in the world after Russia, although it vowed in 2013 to eliminate all routine flaring by 2030.
The Shell-led Basrah Gas signed a $360mn loan agreement with the World Bank's International Finance Corp last month to help it curb flaring in south Iraq and use the gas for fuel instead.