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Iraq expects TotalEnergies TTE-N to begin operations on a long-delayed $27-billion oil, gas and renewables project in the second half of 2023 after finalizing side-contracts with a state oil company, an Iraqi deputy oil minister said on Friday.

Basim Mohammed, Iraqi deputy oil minister for upstream affairs, said TotalEnergies and the Basra Oil Company “are now in the process of finalizing some contractual procedures and documents necessary to activate the contract.”

“Meetings continue with Total to avoid any delay and the contract will be activated in the second half of this year to start operations,” he said.

The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10-billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms.

Iraq said last month it had agreed to a smaller 30 per cent stake in the project, reviving the deal that Baghdad hopes could lure foreign investment back into a country enjoying relative stability after years of conflict and tensions.

QatarEnergy will also have a share in the project.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 13/11/24 7:00pm EST.

SymbolName% changeLast
TTE-N
Totalenergies Se ADR
+0.5%59.87

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