TotalEnergies and the Iraqi government sign up a $27b investment deal

Syed AhadWeb Editor

06th Sep, 2021. 12:10 am
TotalEnergies

The Iraqi government and French oil and gas firm TotalEnergies have signed up a $27 billion investment deal to produce the country’s oil and gas fields, Iraqi Prime Minister Mustafa Kadhimi stated.

In July, Baghdad signed up a primary contract with the French energy giant that contains four foremost projects.

“Today, in the presence of the prime minister of Iraq, a signing ceremony was held for the first agreement to draw investments for implementation of associated gas and oil field development projects. The agreement consists of three contracts between the Iraqi Ministry of Oil and French company Total, and one contract for a solar energy project between the Iraqi Ministry of Electricity and company Total,” Kadhimi stated.

The projects contain an increase of oil production at the Ratawi oil field from 85,000 to 210,000 barrels per day along with the formation of facilities for meting out associated petroleum gas and building of solar power plants.

TotalEnergies, before called Total, is one of the largest oil and gas firms in the globe with about 100,000 workers across more than 130 countries.

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