At the moment, however, despite Iraq’s vast oil reserves, there are no new exploration plans to reflect the shift of some major oil companies to clean energy as Planet’s greenhouse gas emissions increase.
Instead, Total Energy is investing in OPEC, the country’s second-largest oil producer, to improve production in the country’s oil and gas fields.
Total Energy said in a statement on Monday that the $ 10 billion investment will go to a number of projects, including the rehabilitation of one of three gas stations to supply local power stations. Gas sparks occur during gas production, emit harmful greenhouse gas emissions and waste gas.
The second project will include the importation of seawater into oil fields to facilitate production while maintaining limited water supply, and the third will include the construction of a solar power plant to supply Iraq’s Basra regional grid.
“These agreements indicate that our company is back in Iraq, where we were born in 1924,” said Patrick u Yanne, CEO of Total Energy. He said the country’s natural resources will be used in a more sustainable manner to increase public access to electricity and help Iraq build a sustainable future.
Earlier this year, Total Enlightenment changed its position to address the company’s commitment to renewable energy. In January, the US Petroleum Corporation became the first major oil company to discontinue a major oil lobby because of its climate crisis.
Its investment in Iraq, however, does not represent a complete withdrawal of oil. The Paris-based company aims to increase its capacity from 85,000 barrels a day to 210,000 barrels per day, according to Iraqi Prime Minister Mustafa al-Kadimi.
Overall, Total has been supporting $ 27 billion in capital investment and operating costs for more than 25 years.
Pouyanné said the projects have demonstrated Toto Energy’s desire to support oil-producing countries by combining natural gas and solar energy to meet the growing demand for electricity.
It also shows how Total Energy is using its unique position in the Middle East, where low-cost hydrocarbons are produced for major renewable projects.
Fall in oil prices has hit Iraq’s economy – with 90% of government revenues dependent on oil, according to the International Monetary Fund. That has led to an increase in poverty and social instability.
In a report published last week in The Guardian, Iraqi Finance Minister Ali Alawi called on the International Atomic Energy Agency (IAEA) to join the International Atomic Energy Agency (IAEA). But energy transfer had to include the support of fossil-producing countries so as not to destabilize the world energy markets.
“If oil-producing countries start to decline before they can successfully separate their economies, the cost of living will go down and poverty will increase,” he said.