Iraqi Oil Minister: Iraq in Final stages of Talks for $27B TotalEnergies Deal

Iraqi Oil Minister: Iraq in Final stages of Talks for $27B TotalEnergies Deal

TotalEnergies and Iraq talks to resolve sticking points in a long-delayed $27 billion energy deal “have reached advanced stages”, Iraqi oil minister Hayan Abdel-Ghani said on Sunday, Reuters reported.

According to Iraq’s oil minister, Hayan Abdel-Ghani, the long-delayed $27 billion energy contract is reportedly moving forward in negotiations with the French oil company TotalEnergies.

“We will activate the deal very soon,” Abdel-Ghani said at an energy event.

The planned agreement, which Baghdad hopes would increase foreign investment, calls for TotalEnergies to invest $10 billion initially over a 25-year period in four oil, gas, and renewable energy projects in southern Iraq.

However, disputes between Iraqi politicians over the terms of the deal.

According to sources who spoke to Reuters, TotalEnergies wants the majority of the project, but Iraq wants a 40% part.

Asked if the issue of Iraq’s share in the project was resolved, Abdel-Ghani said: “It’s not the time to discuss the shares and we will announce them when an agreement is reached.”

In accordance with its quota under the most recent OPEC+ agreement, Iraq is committed to sustaining its 220,000 barrel per day (bpd) oil output cut, according to Abdel-Ghani.

Additionally, the nation is prepared to raise production if the OPEC+ producer group demands it

“We obliged some oil companies operating in the south to cut production to come in line with OPEC+’s agreed rates,” he added.





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