Iraq and French oil and gas major TotalEnergies on Monday finalized a deal on four energy projects in southern Iraq to increase oil and gas production, the Iraqi Ministry of Oil said in a statement.
Ministry spokesman Asim Jihad told Xinhua that the initial investment of the four projects amounts to 10 billion U.S. dollars, and the investment will rise to 27 billion dollars over the coming years.
In September 2021, Iraq reportedly signed the initial deal with TotalEnergies, but disagreements between Iraqi politicians over the terms of the deal delayed its implementation.
Iraq’s economy relies heavily on the export of crude oil, which brings in more than 90 percent of the country’s revenues.
