Daily Management Review

TotalEnergies to invest $27 billion in Iraq's energy sector


The French oil and gas company TotalEnergies and the Iraqi government concluded an agreement on the implementation of investment projects aimed at developing oil and gas fields in the country worth $27 billion, according to the office of Iraqi Prime Minister Mustafa Al-Kadhimi.

Total Energies
Total Energies
Earlier, the Iraqi Ministry of Oil reported that it had signed a preliminary agreement with Total for the implementation of four major projects. It was submitted to the Iraqi government for consideration.

Later, the Bloomberg agency reported that the government and the company are close to conclude an agreement. It was noted that the agreement is aimed at attracting investment to increase oil and gas production and reduce the number of power outages in the country.

"A ceremony was held today in the presence of the Iraqi prime minister to sign the first agreement to attract investment for associated gas and oil field development projects. The agreement includes three contracts between the Iraqi Ministry of Oil and the French company Total and a contract for a project in the field of solar energy between the Iraqi Ministry of Electricity and Total," reads a statement from the Prime Minister's Office.

It is noted that the purpose of the agreement is to increase oil production capacity and to ensure stability in the field of electricity.

The signed projects include increasing oil production at Artawi field from 85 thousand up to 210 thousand barrels per day, establishment of facilities to process associated gas, construction of solar power plants.

source: reuters.com