REG-TotalEnergies SE Iraq: TotalEnergies Signs Major Agreements for the Sustainable Development of the Basra Region Natural Resources

TotalEnergies SEAnnouncement

06/09/2021 08:00

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Iraq: TotalEnergies Signs Major Agreements for the Sustainable Development of
the Basra Region Natural Resources

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), the Iraqi Ministries for oil
and electricity, and the country's National Investment Commission have signed,
in the presence of the Prime Minister of Iraq, major agreements covering
several projects in the Basra region, designed to enhance the development of
Iraq's natural resources to improve the country’s electricity supply. Iraq,
a country rich in natural resources, is indeed experiencing electricity
shortages while it faces a sharp increase in demand from the population.

TotalEnergies, with the support of the Iraqi authorities, on the one hand will
invest in installations to recover gas that is being flared on three oil
fields and as such supply gas to 1,5 GW of power generation capacity in a
first phase growing to 3 GW in a second phase, and, on the other hand, will
also develop 1 GWac of solar electricity generation capacity to supply the
Basra regional grid.

These agreements include:


 * The construction of a new gas gathering network and treatment units to supply
the local power stations, with TotalEnergies also bringing its expertise to
optimize the oil and gas production of the Ratawi field, by building and
operating new capacities.


 * The construction of a large-scale seawater treatment unit to increase water
injection capacities in southern Iraq fields without increasing water
withdrawals as the country is currently facing a water-stress situation. This
water injection is required to maintain pressure in several fields and as such
will help optimizing the production of the natural resources in the Basra
region.


 * The construction and operation of a photovoltaic power plant with a capacity
of 1 GWp to supply electricity to the grid in the Basra region.

These projects represent a total investment of approximately $10 billion (100%
share).

“These agreements signal our return through the front door to Iraq, the
country where our Company was born in 1924. 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
such as: reduction of gas flaring that generates air pollution and greenhouse
gas emissions, water resource management and development of solar energy,”
said Patrick Pouyanné, TotalEnergies' Chairman and CEO. “This project
perfectly illustrates the new sustainable development model of TotalEnergies,
a multi-energy Company which supports producing countries in their energy
transition by combining the production of natural gas and solar energy to meet
the growing demand for electricity. It also demonstrates how TotalEnergies can
leverage its unique position in the Middle East, a region where the
lowest-cost hydrocarbons are produced, to gain access to large-scale renewable
projects”, he added.

TotalEnergies in Iraq

In Iraq, TotalEnergies started its activities in the 1920s with the discovery
of Kirkuk field. In the 1970s, TotalEnergies brought the Buzurgan and Abu
Ghirab fields on stream. The company currently has a 22.5% interest in the
Halfaya oil field producing approximately 20,000 barrels per day
(TotalEnergies’ share) in 2020.

TotalEnergies sells lubricants in Iraq through distributors on the local
retail market. Our affiliate Saft takes part in calls for tender as a
subcontractor.

About TotalEnergies

TotalEnergies is a broad energy company that produces and markets energies on
a global scale: oil and biofuels, natural gas and green gases, renewables and
electricity. Our 105,000 employees are committed to energy that is ever more
affordable, clean, 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.

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TotalEnergies SE directly or
indirectly owns investments are separate legal entities. TotalEnergies SE has
no liability for their acts or omissions. The terms “Company” or
“TotalEnergies company” refer collectively to the company TotalEnergies SE
and the companies it controls directly or indirectly. Such terms are used
solely for the sake of convenience for purposes of the present communication.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. 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.

TotalEnergies Contacts

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

Investor Relations: +44 (0)207 719 7962 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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