Iraq Expects Total to Start $27 Billion Energy Project

Iraq's Deputy Minister of Oil for Extraction Affairs, Basim Mohammed, revealed today, Friday, that "TotalEnergies" is expected to begin operations on a long-delayed oil, gas, and renewable energy project costing $27 billion in the second half of this year after finalizing side contracts with the state oil company. Mohammed added that TotalEnergies and the Basra Oil Company are in the process of completing some contractual procedures and necessary documents to activate the contract. The agreement was signed in 2021, under which TotalEnergies will undertake four projects for oil, gas, and renewable energy with an initial investment of $10 billion in southern Iraq over 25 years, but it has been delayed due to disputes among Iraqi politicians regarding the terms. Qatar Energy will also have a stake in the project.