French energy giant Total signed mega contracts with Iraq worth US$27 billion to develop oil fields, natural gas and a crucial water project that officials said Monday will be key for the oil-rich country to maintain crude output.
The deals were inked Sunday with Prime Minister Mustafa al-Kadhimi in attendance, according to an Oil Ministry statement.
It is the most lucrative and ambitious deal to be signed by an oil giant in Iraq in years and comes as other international oil companies have taken steps to exit from Iraq's oil sector.Iraq urgently needs to develop local gas resources to meet electricity demands, especially during the peak summer months. The country is heavily reliant on Iranian gas and electricity imports, which have been irregular in recent months due to outstanding payments and high demand inside Iran.
Iraq has said it plans to eliminate gas flaring in the next two to three years. The World Bank estimates Iraq flares around 16 billion cubic meters of gas per day. Officials say the signing of the deal was pushed ahead by Prime Minister Mustafa al-Kadhimi ahead of national elections next month despite reservations from ministry technocrats who harbor doubts that Total is serious about executing the seawater element.
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