Iraq and TotalEnergies on Sunday signed four contracts that will see the French supermajor invest $27 billion to develop oil, natural gas, solar power, and a water project in the single largest foreign investment in Iraq in recent decades.
Details of the commercial terms remain unclear, but the deal represents a political win for Prime Minister Mustafa al-Kadhimi and Oil Minister Ihsan Ismaael just a month before national elections.
It also marks a much larger footprint in Iraq for Total, which has minority stakes in one contract with the Kurdistan Regional Government (KRG) and one in Missan province in southern Iraq. The four new projects rival ExxonMobil's now defunct multi-project deal that had been under negotiation for half a decade.
TotalEnergies did not issue a press release as would be customary for an investment of this size. The French energy giant has been negotiating contractual terms with the two ministries since signing a heads of agreement at the end of March.
The deals cover
If you are not a registered user, you may purchase a subscription or sign up for a free trial.
All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.Iraq Oil Report Commitment to Independence
Iraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.
view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.
fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.