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September 6, 2021

TotalEnergies to invest $27bn in four energy projects in Iraq

The agreement is expected to further boost TotalEnergies’ footprint in the country.

By Aninda Chakraborty

French firm TotalEnergies has signed an agreement with the Government of Iraq to invest a total of $27bn in four energy projects in the country.

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The agreement includes three contracts with the Iraqi Ministry of Oil and one with the Ministry of Electricity.

According to a Reuters report, around $3bn has been earmarked for a project that involves injecting seawater into oilfields to increase crude recovery.

Another $2bn will be invested to build a gas processing plant, the news agency reported quoting Iraqi Minister of Oil Ihsan Abdul Jabbar. The facility will process around 600 million cubic feet of gas per day (mcf/d) following two phases of development.

Additionally, TotalEnergies will help in increasing production from the Ratawi oilfield from 85,000 barrels per day (bpd) to 210,000bpd.

The fourth contract involves building a solar power plant to increase electricity generation.

Initially, TotalEnergies will invest around $10bn in the programme. It expects to mobilise teams in the country by the end of this year.

Notably, TotalEnergies is one of the few energy firms planning to strengthen its footprint in Iraq.

Earlier this year, the company secured approval to increase production at the Ratawi gas field.

In the second quarter of 2021, TotalEnergies reported strong results driven by growing crude demand and improved oil prices.

The French company’s adjusted net income was $3.5bn in the three months ending June 2021, compared to $126m in the same quarter a year ago.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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