Totalenergies set to invest $27 bn in Iraq

Iraq’s government and Totalenergies SE agreed on a $27 billion package of investment deals aimed at boosting oil and gas output and reducing power outages in OPEC’S second-biggest producer. The French energy company will invest $10 billion in the projects over seven years, Iraq Oil Minister Ihsan Abdul Jabbar said at a ceremony in Baghdad. Work on the projects will start in southern Iraq by the end of the year, Totalenergies Chief Executive Office Patrick Pouyanne said at the event. Under the agreement, Totalenergies will invest in the large Ratawi oil field in the southern province of Basra, and bring expertise in seawater injection to the region’s oil wells to maintain their production, Bloomberg reported Friday, citing people with knowledge of the situation.