TotalEnergies and Iraq sign blockbuster energy deals

An estimated $27 billion will be spent to increase oil output, cut gas flaring, and launch the country's first solar project.
Then-Prime Minister Mustafa al-Kadhimi (center) oversees TotalEnergies CEO Patrick Pouyanné (left) signing one of four deals with Iraq's Oil and Electricity ministries on Sept. 5, 2021. (Source: Prime Minister's Media Office)

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.

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