TotalEnergies’ $27bn Iraq megadeal is almost over the line after the French giant struck a deal with Iraq’s government that put to rest a dispute over state participation in the gas portion of the deal. Iraqi oil ministry subsidiary Basrah Oil Company (BOC) will take a 30% stake, instead of the previously demanded 40%, leaving Total with the lion’s share of 45% at the Gas Growth Integrated Project (GGIP). The new terms were approved by Iraq’s cabinet on 4 April and now await only final sign-off by all parties.

Total in a 5 April statement says that “in agreement with the Iraqi government” Qatari state firm QatarEnergy will farm in for the final 25%. MEES first reported on negotiations with the Qataris last year (MEES, 4 November 2022). (CONTINUED - 2178 WORDS)