Iraq and the French oil giant TotalEnergies signed a long-delayed agreement today, Monday, worth $27 billion to implement four projects for oil, gas, and renewable energy. The agreement was initially signed in 2021, involving an initial investment of $10 billion in southern Iraq over 25 years, but was postponed due to disagreements among Iraqi politicians regarding the terms of the deal.
In a statement to the Iraqi News Agency (INA), the spokesperson for the Ministry of Oil, Assem Jihad, mentioned that "the contracts for the integrated gas development project with TotalEnergies will be signed tomorrow, under the auspices and attendance of the Deputy Prime Minister, Minister of Oil Hayyan Abdul Ghani."
He added, "The group of contracts being concluded by the ministry with Total include, firstly, a contract for the seawater injection project for the producing oil fields. The other project is the investment of associated gas from several oil fields in Basra province, with a rate of 600 million standard cubic feet per day divided into two phases. The third contract project is related to the development of the Artawi oil field and increasing production. The fourth contract project is for electricity generation from solar energy at a rate of 1 kilowatt."
Jihad noted the importance of these contracts in developing the oil industry in Iraq, as they represent a significant addition to supporting the national economy.
