A week after Emmanuel Macron’s visit to Baghdad, a giant contract is signed between Iraq and the French electricity and gas giant. The aim: to boost oil and gas production.
A historic contract
27 billion dollars of investment. This is the largest sum injected by a Western company in Iraq according to the Iraqi Minister of Oil, Ihssan Ismail.
The contract signed with TotalEnergies covers four projects. The first is to bring seawater from the Gulf to the oil fields in southern Iraq. Two other projects concern the extraction and exploitation of gas in Iraq’s southern fields. Finally, the fourth concerns the installation of a gigantic solar panel field in Artawi, near Basra.
Good news for Iraq
The signing of this large-scale contract is the first sign of a diplomatic rapprochement between the two countries.
Iraq is now the second largest producer of crude oil in OPEC, behind Saudi Arabia, with an average of 4.6 million barrels extracted daily, which represents more than 90% of the country’s revenue.