REG-TotalEnergies SE Iraq: Agreement Between Iraq and TotalEnergies

TotalEnergies SEAnnouncement

05/04/2023 08:00

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Iraq: Agreement Between Iraq and TotalEnergies

 

While confirming all the terms of the Development & Production Contract
signed in 2021, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and the Iraqi
Government have, through exchanges in the past months, including in 4
occasions between Prime Minister Al-Sudani and Chairman & CEO Patrick
Pouyanné, jointly defined the necessary conditions and mutual insurances to
move forward with the Gas Growth Integrated Project (GGIP).

The Iraqi Government and TotalEnergies have agreed on a 30% stake for the
Basrah Oil Company (BOC) in the GGIP. Furthermore, in agreement with the Iraqi
Government, TotalEnergies has invited QatarEnergy to take a 25% stake in the
GGIP.

The consortium will thus be composed of TotalEnergies (45%), Basrah Oil
Company (30%) and QatarEnergy (25%).

TotalEnergies welcomes the continuity of the voice of the State of Iraq on
this Development & Production Contract, which is a strong and positive
signal for foreign investment in the country.

Signed in September 2021, the GGIP has for main purpose to enhance the
development of Iraq’s natural resources to improve the country’s
electricity supply.

According to these agreements, TotalEnergies and its partners will invest
approximately $10 billion (100% share):


 * to recover flared gas on three oil fields in order to supply gas to power
generation plants,

 * to build a seawater treatment plant in order to provide water injection for
pressure maintenance to increase regional oil production, as an alternative to
the use of fresh water from rivers and aquifers.

Furthermore, TotalEnergies will develop a 1 GW solar power plant to supply
electricity to the Basrah regional grid. In agreement with Iraqi authorities,
TotalEnergies will invite the Saudi company ACWA Power to join this solar
project.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
TotalEnergies SE has no liability for the acts or omissions of these entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Registration Document, the French-language version of which is filed by
TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).

TotalEnergies 

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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