French international oil and gas company, Total SE, is considering investing in Iraq’s natural gas sector as the Iraqi government met with Total, according to Bloomberg.
The meeting took place in Paris and the potential projects discussed pertained to Western Iraq and near the southern energy hub of Basra, the Iraqi oil ministry announced. It is expected that an agreement will be reached soon.
This is part of Iraq’s efforts to develop its huge wealth of gas reserves and Iraq has seen a wave of new oil and gas projects such as Lukoil. Iraq is almost entirely dependent on oil as a source of revenue and as a result, the country is trying to revitalize the oil and gas sector by means of attracting investment.
Total SE has operated in Iraq for almost a century and holds stakes in the southern Halfaya oil deposit and the northern Sarsang exploration block in Kurdistan.