Iraq is preparing to award its first fully integrated energy project in Basra, which will combine upstream oil and gas production with downstream refining, petrochemicals, and power generation, according to the director of Basra Oil Company (BOC).

Bassem Abdul Karim told the Iraqi News Agency (INA) that Integrated South Basra Project will incorporate the development of Tuba oil field, utilisation of associated gas, and construction of a refinery, a fertilizer plant, a petrochemical plant and two power plants.

The project will be implemented by an investor consortium under an agreement facilitated by the Ministry of Oil, he said. 

In May 2024, Ministry of Oil had announced it signed an agreement with Chinese-Iraqi consortium of Geo-Jade and Hilal Al Basra (Crescent Basra) to develop the Tuba oilfield, targeting an output of 200,000 barrels per day of oil and 50 million cubic feet per day of gas.

(Writing by Majda Muhsen; Editing by Anoop Menon) (anoop.menon@lseg.com)

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