TotalEnergies Boosts Investment in Iraq to $16 Billion
French oil major TotalEnergies has committed an additional $4 billion to Iraq's oil projects, bringing its total investment to $16 billion. This move comes as the country aims to expand its energy sector and achieve self-sufficiency in natural gas.
Iraqi Prime Minister Ali Al-Zaidi met with TotalEnergies' chairman Patrick Pouyanné to discuss plans for increasing oil production to 10 million barrels per day over the next five years. The country also aims to expand associated gas utilisation and end the practice of gas flaring by 2029.
Four major projects are currently awaiting their outcomes, including developing the Artawi field with a capacity of 210,000 barrels per day, as well as several gas fields and a solar energy investment. These initiatives are part of Iraq's efforts to boost oil production and reduce its reliance on imports from nearby Iran.