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Iraq’s Basra Oil Company announced that TotalEnergies has committed to carrying out four large energy projects as part of a deal reached with the Iraqi government in July of the previous year. According to Reuters, the $27 billion energy deal is expected to increase oil production and Iraq’s capacity to produce energy through oil, gas, and renewable energy projects. Signed in 2021 but halted due to setbacks and disputes between Iraqi politicians, the deal closed with Iraq agreeing to take a smaller than initially demanded stake of 30%. TotalEnergies took 45% stake, and QatarEnergy holds the remaining 25%.

Four Large Energy Projects to be Conducted by TotalEnergies in Iraq

Iraq’s Basra Oil Company announced that TotalEnergies has committed to carrying out four large energy projects as part of a deal reached with the Iraqi government in July of the previous year. According to Reuters, the $27 billion energy deal is expected to increase oil production and Iraq’s capacity to produce energy through oil, gas, and renewable energy projects. Signed in 2021 but halted due to setbacks and disputes between Iraqi politicians, the deal closed with Iraq agreeing to take a smaller than initially demanded stake of 30%. TotalEnergies took 45% stake, and QatarEnergy holds the remaining 25%.

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