TotalEnergies signs $27 billion worth of deals in Iraq
BAGHDAD, September 6, 2021 – France’s TotalEnergies has been contracted to construct four hydrocarbons and solar projects worth USD 27 billion in Iraq, Minister of Oil Ihsan Abdul Jabbar announced on Sunday.
The first project consists of injecting seawater into oilfields to enhance production, which will initially cost USD 3 billion.
The second project consists of a new 8.5-mcm-per-day (300-mcf-per-day) gas processing facility for the West Qurna 2, Majnoon, Artawi, Tuba and Luhais gasfields in southern Iraq. TotalEnergies will initially invest USD 2 billion in the project.
The company will also work to up production of the Ratawi oilfield from 85,000 bopd to 210,000 bpd.
The last project involves construction of a 1-GW solar plant meant to supply energy to Basra, Iraq.
The Iraqi government deemed the deals the largest investment by a Western company in the country.