Iraq, TotalEnergies Sign $27b Oil, Renewables Deal

Iraq and French oil major TotalEnergies on Monday signed a long-delayed $27 billion energy deal that aims to increase oil production and boost the country's capacity to produce energy with four oil, gas and renewables projects.
Signed in 2021, the deal has faced delays amid disputes among Iraqi politicians over the terms, but was finally closed in April when Iraq agreed to take a smaller than initially demanded stake in the project of 30%, Uk.finance.yahoo.com reported.
TotalEnergies took a 45% stake and QatarEnergy holds the remaining 25%.
TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi Oil Minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne calling it a "historic day".
Pouyanne said the project would break ground this summer and see an investment of $10 billion over the next four years.
"This is the starting day and we'll deliver the project in the next four years for the benefit of everyone in Iraq," he said.
The Gas Growth Integrated Project aims to improve the country's electricity supply, including by recovering flared gas at three oilfields, using the gas to supply power plants and helping reduce the country's import bill.