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05 May 2023

TotalEnergies' $27 billion Iraq project to begin

Iraq and TotalEnergies expect to kick-start a long-delayed $27 billion (€24.5 billion) project within the next two weeks, according to Iraq's oil minister Hayan Abdel-Ghani.

Abdel-Ghani said at a conference in Baghdad that he expects five side agreements, related to the deal, to be signed in the next two weeks. This would allow the project to commence.

Originally signed in 2021, the deal indicates that TotalEnergies would build four oil, gas and renewables projects with an initial investment of $10 billion (€9.7 billion) in southern Iraq over 25 years. However, it was delayed amid disputes between Iraqi politicians, over terms of the agreement.

QatarEnergy also has a share in the project.

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