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TotalEnergies, QatarEnergy confirm deal to move forward on Iraq mega-projects

TotalEnergies will lead a consortium with the Basra Oil Company and QatarEnergy after overcoming difficult negotiations with Iraq over the government's stake in a potentially transformational set of energy deals.
TotalEnergies CEO Patrick Pouyanné (left) and Saad Sherida al-Kaabi (right), Qatar's minister of state for energy affairs and the CEO of QatarEnergy, shake hands at a signing ceremony for a partnership agreement in Qatar's North Field East LNG project in November 2022. (Photo credit: TotalEnergies)

TotalEnergies is moving forward with a $27 billion energy deal with Iraq, after reaching an agreement to give a 30 percent stake to the state-run Basra Oil Company (BOC) and a 25 percent stake to QatarEnergy.

The revived deal promises to help unlock the potential of southern Iraq's energy sector: providing infrastructure to supply water needed to boost output at the largest oil fields in Basra; a processing plant needed to capture valuable associated gas that is otherwise being wastefully flared from several oil fields; and a solar power plant.

"While confirming all the terms of the Development & Production Contract signed in 2021, TotalEnergies and the Iraqi Government have, through exchanges in the past months... jointly defined the necessary conditions and mutual insurances to move forward with the Gas Growth Integrated Project (GGIP)," the French company said in a statement Wednesday.

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