According%20to%20the%20minister,%20Iraq%20is%20negotiating%20with%20Saudi%20oil%20giant%20Aramco%20about%20a%20possible%20agreement%20to%20explore%20and%20develop%20natural%20gas%20deposits%20in%20Iraq's%20western%20desert.%20It%20also%20intends%20to%20enter%20into%20contracts%20with%20ACWA%20Power,%20a%20Saudi%20Arabian%20company,%20to%20construct%20water%20desalination%20plants%20and%20solar%20parks%20across%20the%20country.Despite%20having%20vast%20oil%20and%20gas%20reserves,%20Iraq%20has%20struggled%20to%20develop%20them%20and%20lacks%20energy%20and%20electrical%20self-sufficiency.%20Due%20to%20a%20lack%20of%20investment%20in%20its%20transmission%20grids,%20the%20country%20has%20been%20experiencing%20power%20outages%20and%20disruptions,%20and%20it%20relies%20on%20electricity%20and%20natural%20gas%20imports%20from%20neighbouring%20Iran%20for%20its%20power%20supply,%20as%20it%20has%20received%20waivers%20from%20the%20US%20to%20continue%20importing%20electricity%20from%20Iran%20despite%20US%20sanctions%20against%20Tehran.In%20September,%20French%20oil%20and%20gas%20major,a%20href=https://ibekachikwu.com/iraq-signs-four-oil-gas-contracts-worth-27bn-with-totalenergies/%20TotalEnergies%20signed%20agreements%20with%20Iraq’s%20authorities%20to%20invest%20in%20the%20country’s%20energy%20sector/a.){kind=link}
Iraq’s oil minister, Ihsan Abdul Jabbar Ismail, was quoted by the Iraqi daily Al-Sabah as claiming that the government is in talks with Saudi Arabia to sign energy deals worth billions of dollars. Energy, water desalination, and petrochemical contracts are among those being discussed.
If achieved, it will represent a pact between the Organization of Petroleum Exporting Countries’ top and second-largest producers (OPEC)
According to the minister, Iraq is negotiating with Saudi oil giant Aramco about a possible agreement to explore and develop natural gas deposits in Iraq’s western desert. It also intends to enter into contracts with ACWA Power, a Saudi Arabian company, to construct water desalination plants and solar parks across the country.
Despite having vast oil and gas reserves, Iraq has struggled to develop them and lacks energy and electrical self-sufficiency. Due to a lack of investment in its transmission grids, the country has been experiencing power outages and disruptions, and it relies on electricity and natural gas imports from neighbouring Iran for its power supply, as it has received waivers from the US to continue importing electricity from Iran despite US sanctions against Tehran.
In September, French oil and gas major, TotalEnergies signed agreements with Iraq’s authorities to invest in the country’s energy sector.