TotalEnergies signs $27bn oil, gas, solar deal in Iraq

France's TotalEnergies signs $27bn oil, gas, solar deal in Iraq
1 min read
05 September, 2021
The company will start with an initial investment of $10 billion, CEO Patrick Pouyanne said at the signing ceremony, adding that engineering work will start "immediately".
France's Total will build four giant energy projects in southern Iraq [Getty]

France's Total will build four giant energy projects in southern Iraq under a $27 billion deal signed in Baghdad on Sunday, the country's oil minister said.

The company will start with an initial investment of $10 billion, CEO Patrick Pouyanne said at the signing ceremony, adding that engineering work will start "immediately".

The plan is to mobilise teams in Iraq by the end of 2021, he said.

Iraqi oil minister Ihsan Abdul Jabbar said the first phase will include a $3 billion investment by the French group in a project to inject sea water into oilfields to enhance crude recovery.

Total, he added, will also provide $2 billion to build a processing plant for gas produced at the southern fields of West Qurna 2, Majnoon, Artawi, Tuba and Luhais.

The other two projects are a solar power plant and one to increase crude output from the Artawi oilfield.

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