Iraq inks integrated energy deal with Geo-Jade
From Yahoo Finance: 2025-05-26 08:12:00
Iraq’s oil ministry partners with China’s Geo-Jade and local Basra Crescent to boost Tuba oil field production. South Basrah Integrated Energy Project aims to increase production to 100,000bpd and process 50 million cubic feet of gas daily. Geo-Jade to invest $848m in the project, following other successful bids in Iraq.
This deal follows Geo-Jade’s previous agreements in Iraq and a recent multi-billion-dollar contract with TotalEnergies. BP solidifies terms with Iraq for major oilfield redevelopment in Kirkuk. Kurdistan’s energy agreements with US firms declared “null and void” by Iraq, escalating regional resource governance disputes.
Iraq’s strategy involves engaging international partners in integrated energy projects. The development includes downstream facilities like a refinery, petrochemical plant, and fertiliser facility. Energy infrastructure enhancements involve a thermal power plant, solar plant, and significant investment from Geo-Jade Petroleum.