By John Lee.
Iraq's Ministry of Oil has signed a Heads of Agreement (HoA) with the Chinese company Geo-Jade and the Iraqi company Crescent Basra (Hilal al-Basra) to invest in the integrated development project at the Tuba field, in the Zubair district of Basra.
According to a statement from the Ministry, the project would have a capacity for crude oil production of 200,000 barrels per day (bpd), along with 50 million cubic feet per day of gas.
Additionally, it includes the establishment of a refinery with a capacity of 200,000 barrels per day and the establishment of a petrochemical plant with an annual production capacity of 800 tons of polyethylene and polypropylene, as well as a fertilizer plant and the establishment of two power stations.
The Director-General of Basra Oil Company (BOC), who signed the Heads of Agreement with the consortium, said that the project will provide 1,200 megawatts of electricity through the two stations, a conventional 800-MW plant, and a 400-MW solar installation.
In a separate announcement this week, Geo-Jade was awarded the rights to develop the Jabal Sanam and Zurbatiya fields.
(Source: Ministry of Oil)
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