Total expected to embark on $27 billion energy projects

Iraq expects Total Energy to start operating a long-delayed $27 billion oil, gas and renewables project in the second half of 2023 after finalizing a subsidiary contract with an Iraqi state oil company, Iraq's deputy oil minister said on Friday. 

Basim Mohammed, Iraq's deputy oil minister for upstream affairs, said Total Energy and Basra Petroleum were "currently finalizing some of the contract procedures and documents required to initiate the contract".

He said: "Meetings with Total Energy are continuing to avoid any delays and the contract will be launched in the second half of this year to start operations."

The deal, signed in 2021 for Total Energy to build four oil, gas and renewable energy projects in southern Iraq with an initial investment of $10 billion over 25 years, has been withdrawn amid disputes among Iraqi politicians over the terms. delayed.

Iraq revived the deal last month when it said it had agreed to take a smaller 30 percent stake in the project.

Qatar Energy Company will also participate in the project.