TotalEnergies pledges $27B investment in Iraq oil, solar projects

  • TotalEnergies (NYSE:TTE) has agreed to a $27B investment deal in Iraq, including $10B worth of projects over seven years, which Iraq's Oil Minister says marks the biggest investment by a foreign company in the country.
  • Work on projects including the Ratawi oilfield will begin in southern Iraq by the end of this year, TotalEnergies CEO Patrick Pouyanne said at a signing ceremony today in Baghdad.
  • TotalEnergies also pledged to help Iraq capture natural gas associated with several oil fields in the region and build a large solar plant.
  • Although Iraq is OPEC's second biggest oil producer at ~4M bbl/day, international companies have been reassessing their presence in the country; Exxon Mobil , for example, has held talks to sell its stake in the West Qurna-1 field to the Iraqi government, and BP is considering withdrawing from the giant Rumaila oilfield.