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Iraq and French oil major TotalEnergies has signed a long-delayed $27 billion energy deal that aims increase oil production and boost the country’s capacity to produce power with four oil, gas and renewables projects.
The deal had been signed in 2021, with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms.
TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad on Monday, with Pouyanne hailing it a “historic day”.
The deal was closed in April, when Iraq agreed to take a smaller than initially demanded stake in the project of 30 percent, with TotalEnergies taking a 45 percent stake and QatarEnergy holding the remaining 25 percent.
The Gas Growth Integrated Project (GGIP) aims to improve the country’s electricity supply, including by recovering flared gas on three oil fields to supply power plants.
TotalEnergies said it would also develop a 1 GW solar power plant to supply electricity to the Basra regional grid, inviting Saudi company ACWA Power to join the project.
