SUBSCRIBE
PROFILE

Iraq: Agreement between the Iraqi government and TotalEnergies

TotalEnergies and the Iraqi government have confirmed the terms of the contract for the development and production of the GGIP project, with Basrah Oil Company holding 30% and QatarEnergy 25%. The $10 billion project aims to improve Iraq's electricity supply.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Thanks to discussions over the past few months, in particular on four occasions between Prime Minister Al-Soudani and CEO Patrick Pouyanné, the Iraqi government and TotalEnergies have confirmed all the terms of the Development & Production Contract signed in 2021 and jointly defined the conditions and mutual assurances necessary to move forward on the GGIP (Gas Growth Integrated Project).

The Iraqi government and TotalEnergies have agreed on a 30% stake for Basrah Oil Company (BOC) in the GGIP project. In addition, in agreement with the Iraqi government, TotalEnergies has invited QatarEnergy to take a 25% stake in the project. The consortium will be composed of TotalEnergies (45%), Basrah Oil Company (30%) and QatarEnergy (25%).

TotalEnergies welcomes the continuity of the State of Iraq’s word on this contract, which sends a strong and positive signal for foreign investment in the country. Signed in September 2021, the GGIP project aims to develop Iraq’s natural resources to improve the country’s electricity supply. Under the agreements, TotalEnergies and its partners will invest approximately $10 billion (in 100%) to, among other things: recover flared gas from three oil fields to supply gas to power plants, build a seawater treatment plant to maintain oil field pressure and increase regional production.

In addition, TotalEnergies will develop a giant 1 GW solar power plant to supply the Basra region’s electricity grid. In agreement with the Iraqi authorities, TotalEnergies has invited the Saudi company ACWA Power to participate in this solar project.

*** About TotalEnergies TotalEnergies is a global multi-energy production and supply company: oil and biofuels, natural gas and green gas, renewables and electricity. Its more than 100,000 employees are committed to making energy ever more affordable, cleaner, more reliable and accessible to the greatest number of people. Present in more than 130 countries, TotalEnergies places sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of populations.

  • Popular on energynews.pro
ExxonMobil freezes Baytown, major blow to US blue hydrogen sector
South Korea under pressure from the IEA to liberalise its electricity market
Iberdrola launches a public offer to acquire 100% of Neoenergia in Brazil
KEPCO and ENEC strengthen alliance on nuclear and artificial intelligence
Iberdrola sells 757 MW of French onshore assets to Technique Solaire
United Arab Emirates launches $1 billion energy plan in Yemen
Global South Utilities is investing $1 billion in new solar, wind and storage projects to strengthen Yemen's energy capacity and expand its regional influence.
UK and FirstRand mobilise $150mn to accelerate Africa’s energy transition
British International Investment and FirstRand partner to finance the decarbonisation of African companies through a facility focused on supporting high-emission sectors.
Hungary commits to supporting Serbia after oil shipments halted
Budapest moves to secure Serbian oil supply, threatened by Croatia’s suspension of crude flows following US sanctions on the Russian-controlled NIS refinery.
Russia steps up energy rapprochement with China despite sanctions
Moscow says it wants to increase oil and liquefied natural gas exports to Beijing, while consolidating bilateral cooperation amid US sanctions targeting Russian producers.
EIB commits €2bn to strengthen EU energy influence in Africa
The European Investment Bank is mobilising €2bn in financing backed by the European Commission for energy projects in Africa, with a strategic objective rooted in the European Union’s energy diplomacy.
Russian oil and gas revenues fall 35% as sanctions tighten grip
Russia faces a structural decline in energy revenues as strengthened sanctions against Rosneft and Lukoil disrupt trade flows and deepen the federal budget deficit.
The United States targets Iranian oil logistics and exposes Asian intermediaries
Washington imposes new sanctions targeting vessels, shipowners and intermediaries in Asia, increasing the regulatory risk of Iranian oil trade and redefining maritime compliance in the region.
Washington authorises flows to Paks II and inserts US interests into Hungary’s nuclear sector
OFAC’s licence for Paks II circumvents sanctions on Rosatom in exchange for US technological involvement, reshaping the balance of interests between Moscow, Budapest and Washington.
Small EU states strengthen energy influence in Africa via Global Gateway
Finland, Estonia, Hungary and Czechia are multiplying bilateral initiatives in Africa to capture strategic energy and mining projects under the European Global Gateway programme.
Lula advocates for unconstrained fossil fuel phase-out amid tensions at COP30
The Brazilian president calls for a voluntary and non-binding energy transition during COP30 in Belém, avoiding direct confrontation with oil-producing countries.
Sub-Saharan Africa captures 2.3% of global renewable investment in 2024
The region attracted only a small share of global capital allocated to renewables in 2024, despite high energy needs and ambitious development goals, according to a report published in November.
Washington strengthens nuclear deal with Seoul and grants enrichment access
The United States approves South Korea’s development of civilian uranium enrichment capabilities and supports a nuclear-powered submarine project, expanding a strategic partnership already linked to a major trade agreement.
EU finance ministers approve reparations loan based on frozen Russian assets
The EU member states agree to prioritise a loan mechanism backed by immobilised Russian assets to finance aid to Ukraine, reducing national budgetary impact while ensuring enhanced funding capacity.
Canada approves second series of energy projects worth $56 billion
The Canadian government commits $56 billion to a new wave of infrastructure projects aimed at expanding energy corridors, accelerating critical mineral extraction and reinforcing strategic capacity.
Germany grants $24.3 million to Nigeria to accelerate its energy transition
Berlin strengthens its cooperation with Abuja through funding aimed at supporting Nigeria’s energy diversification and consolidating its renewable infrastructure.
COP30 opens in tension as negotiations fail on initial agenda
COP30 begins in Belém under uncertainty, as countries fail to agree on key discussion topics, highlighting deep divisions over climate finance and the global energy transition.
Washington locks in Kazakh tungsten supply and frames its C5+1 bet
The United States secures a tungsten joint venture in Kazakhstan and mining protocols in Uzbekistan, with financing envisaged from the Export-Import Bank of the United States and shipment routed via the Trans-Caspian corridor.
Trump grants Orban oil exemption in exchange for US gas deal
The United States grants Hungary a one-year waiver on sanctions targeting Russian oil, in return for a commitment to purchase US liquefied natural gas worth $600mn.
G7 launches over 20 projects to counter Chinese influence on critical minerals
Meeting in Canada, G7 energy ministers unveiled a series of projects aimed at securing supply chains for critical minerals, in response to China’s restrictions on rare earth exports.
Trump cuts US fentanyl-related tariffs on China to 10%
Donald Trump announces an immediate reduction in tariffs on Chinese fentanyl-related imports from 20% to 10%, potentially impacting energy flows between Washington and Beijing.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.