TotalEnergies has signed a $27bn, 25-year contract with Iraq’s Oil and Electricity Ministry
What does TotalEnergies see in Iraq?
The major has bucked the trend of Iraqi exits and reorganisations. Why is it going where others fear to tread?
September’s announcement of a new $27bn, 25-year investment contract between TotalEnergies and Iraq’s Oil and Electricity Ministry looks very much an outlier after months of IOC partner dissatisfaction. The French major has not, though, made such a big bet on upstream oil production, infrastructure and solar generation on a whim. It is therefore important to understand how the commitment fits with the firm’s overall strategy. But what are also telling are the subtle differences between what TotalEnergies has agreed and the broadly similar, but much larger, $53bn Southern Iraq Integrated Project (SIIP)—the development originally spearheaded by ExxonMobil to develop a seawater injection facili
Also in this section
12 June 2025
Asian and European interest gathers pace as Trump throws his weight behind frontier state
12 June 2025
The government is optimistic that increasing offshore activity and exploration will help revive flagging production, despite energy security fears
12 June 2025
Tariffs, AI, critical minerals and emerging markets all raise fundamental policy questions
