Oil & Gas

Patrick Pouyanné, CEO of Total Energies, briefed Iraq Prime Minister Mohammed Shia al-Sudani on the specifics of his company's $27 billion energy project deal with Baghdad.

The meeting took place on Sunday, April 28, 2024, on the sidelines of the World Economic Forum in Riyadh, Saudi Arabia. They discussed Total Energies' projects in the Iraq energy sector, focusing on associated gas, oil, and a solar power plant.

Total Energies aims to complete the first phase of the solar electricity project by 2025 and the associated gas investment project with a production capacity of 50 million standard cubic feet per day by the same year, out of a planned 300 million cubic feet capacity.

They also discussed the potential for utilizing desalination projects' water in Basra Governorate, in conjunction with Total Energies' oil projects.

Iraq Prime Minister Mohammed Shia al-Sudani assured Total Energies of Iraq's commitment to supporting its projects and creating a conducive investment environment.

The $27 billion agreement, signed on July 10, 2023, aims to increase Iraq's oil production and enhance electricity production through oil, gas, and renewable energy projects. The deal, which faced delays due to political differences, has increased in value since its initial $10 billion agreement in 2021.