French energy giant TotalEnergies SE to invest $27 billion in Iraq in a 25-year deal, boosting its position in the country, according to a report by The Wall Street Journal on Sunday.
- The arrangement includes investment in numerous energy projects, including the injection of seawater into oil fields to increase the amount of oil recovered, a natural-gas processing plant, and a solar farm.
- Total Chief Executive Patrick Pouyanné took part in a signing ceremony in Baghdad with Iraq’s oil minister Ihsan Abdul Jabbar on Sunday.
- The spokesman further indicated that the projects would help to improve the country’s electricity supply. Persistent shortages of power and drinkable water have led to protests in recent years.
- The planned investments in Iraq’s energy infrastructure could help the country to reduce its reliance on Iranian natural gas.
The deal emerges at a moment when oil and gas firms are reassessing their portfolios to deal with issues from stakeholders over their carbon emissions.
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