Baghdad: TotalEnergies has begun the final phase of its $27 billion multi-energy project in Iraq, a major investment aimed at boosting oil, gas, and power production while reducing the country’s reliance on energy imports from Iran.
The initiative, known as the Gas Growth Integrated Project, is a partnership between TotalEnergies (45%), Iraq’s state-owned Basra Oil Company (30%), and QatarEnergy (25%). The latest contracts include work on the Ratawi oil field and a seawater treatment plant, designed to maintain well pressure without using freshwater.
The revised deal introduces a new revenue-sharing model, replacing fixed-fee terms, which Baghdad says will offer “better returns for both foreign investors and Iraq.”
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By 2028, the Ratawi field is expected to produce around 210,000 barrels per day. The project also plans to capture flared gas, build a processing facility with a capacity of 600 million standard cubic feet per day, and develop a 1-gigawatt solar park.
Iraqi Prime Minister Mohammed Shia al-Sudani welcomed the move, calling it a sign of stronger foreign investment and a step toward modernizing Iraq’s energy sector.
