Iraq and TotalEnergies have finally signed on the dotted line for their long-awaited $27bn megadeal, putting an end to almost two years of protracted negotiations since the multi-project package was initially agreed in September 2021 (MEES, 10 September 2021). Following the 10 July signing ceremony in Baghdad, the French giant has effectively become Iraq’s foremost foreign partner.
Total will hold a 45% controlling stake in the megadeal with state firm Basrah Oil Company (BOC) as a 30% partner and QatarEnergy taking 25% (MEES, 7 April). The megadeal envisions an initial capex outlay of $10bn on four major energy projects, all located in Iraq’s southern Basra province (see map). (CONTINUED - 2187 WORDS)