TotalEnergies to raise investments in Iraq to $16 billion

Baghdad (IraqiNews.com) – Chairman and CEO of TotalEnergies, Patrick Pouyanne, stated on Monday that the company’s investments in Iraq’s oil and gas sectors are currently valued at $12 billion, with intentions to increase this amount to $16 billion in the future.

Pouyanne’s remarks took place during his meeting with Iraqi Prime Minister Ali al-Zaidi in Paris, where they reviewed the company’s strategic projects in Iraq, particularly in the gas sector, according to a statement released by the Prime Minister’s Office (PMO).

Al-Zaidi detailed the government’s strategies to improve the recovery of associated gas and achieve self-sufficiency. He also discussed plans to boost oil production over the next five years, aiming for Iraq to reach a production target of 10 million barrels per day.

The prime minister noted that efforts are underway to broaden the scope of oil exploration in Iraq to benefit the national economy and support development objectives.

Al-Zaidi also mentioned that preparations are ongoing to organize an international energy conference in Baghdad.

Pouyanne underlined TotalEnergies’ readiness to collaborate with Iraq in the energy industries.

The French company’s commitment to its projects in Iraq highlights the significance of the Iraqi market within the framework of the European energy strategy.

This significance is especially relevant as major corporations navigate the risks posed by regional tensions while investing in one of the richest oil producers in the region.