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First Phase Of Game-Changing Iraq Project To Start Early Next Year
Yahoo Financeยท 2025-10-06 22:00
Geopolitical Importance - The gas capture project is crucial for reducing Iraq's reliance on Iranian gas imports, which has historically influenced Iraq's political and military alliances in the region [1][2] - The alliance between Iran and Iraq has facilitated Iran's ability to export oil despite sanctions and has supported pro-Shia militia groups [1] TotalEnergies Mega-Project - TotalEnergies' $27 billion mega-project aims to address Iraq's long-standing issues of gas capture and oil well pressure stabilization, which have been hindered by bureaucracy and corruption [2][5] - The project includes four main components: gas capture, the Common Seawater Supply Project (CSSP), redevelopment of the Ratawi oil field, and a 1.25 gigawatt solar complex [2] Common Seawater Supply Project (CSSP) - The CSSP is designed to supply approximately 6 million barrels per day of seawater to key oil fields, which is essential for maintaining reservoir pressure and enhancing oil production [3][4] - The first phase of the CSSP will be located near Um Qasr and aims to process and transport 5 million barrels of seawater daily, freeing up freshwater for agricultural use [3][4] Future Oil Production Potential - Iraq has the potential to significantly increase its oil production, with historical projections suggesting a rise from over 3 million barrels per day to a plateau of 13 million barrels per day by 2017 under optimal conditions [5] - The International Energy Agency (IEA) estimates that Iraq's ultimately recoverable resources, including the Kurdistan region, could be around 246 billion barrels [5]