TotalEnergies, QatarEnergy confirm deal to move forward on Iraq mega-projects
TotalEnergies will lead a consortium with the Basra Oil Company and QatarEnergy after overcoming difficult negotiations with Iraq over the government's stake in a potentially transformational set of energy deals.
TotalEnergies CEO Patrick Pouyanné (left) and Saad Sherida al-Kaabi (right), Qatar's minister of state for energy affairs and the CEO of QatarEnergy, shake hands at a signing ceremony for a partnership agreement in Qatar's North Field East LNG project in November 2022. (Photo credit: TotalEnergies)
TotalEnergies is moving forward with a $27 billion energy deal with Iraq, after reaching an agreement to give a 30 percent stake to the state-run Basra Oil Company (BOC) and a 25 percent stake to QatarEnergy.
The revived deal promises to help unlock the potential of southern Iraq's energy sector: providing infrastructure to supply water needed to boost output at the largest oil fields in Basra; a processing plant needed to capture valuable associated gas that is otherwise being wastefully flared from several oil fields; and a solar power plant.
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