Home Business Iraq, TotalEnergies Agree on $27B of Oil, Solar Projects

Iraq, TotalEnergies Agree on $27B of Oil, Solar Projects

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(Bloomberg) — Iraq’s government and TotalEnergies SE agreed on a $27 billion package of investment deals aimed at boosting oil and gas output and reducing power outages in OPEC’s second-biggest producer.

The French energy company will invest $10 billion in the projects over seven years, Iraq Oil Minister Ihsan Abdul Jabbar said at a ceremony in Baghdad. Work on the projects will start by the end of the year, he said.

Under the agreement, TotalEnergies will invest in the large Ratawi oil field in the southern province of Basra, and bring expertise in seawater injection to the region’s oil wells to maintain their production, Bloomberg reported Friday, citing people with knowledge of the situation. TotalEnergies will also help Iraq to capture natural gas associated with several oil fields in the region and will build a large solar plant.

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