Iraq and TotalEnergies set to finalise major $27-billion energy project – The National

Iraq and TotalEnergies set to finalise major $27-billion energy project – The National

Iraq is set to sign a $27-billion energy agreement with France’s TotalEnergies on Monday to develop oil and gas resources and to improve the country’s electricity supply in the biggest single foreign investment in the war-torn nation.

TotalEnergies will hold 45 per cent in the Gas Growth Integrated Project while a 30 per cent stake will go to the state-run Basra Oil Company and 25 per cent to QatarEnergy, Iraqi Oil Ministry and TotalEnergies announced in April.

The GGIP stipulates that TotalEnergies and its partners will initially invest about $10 billion to recover flared gas on three oilfields in southern Iraq to supply gas to power generation plants.