Iraqi Prime Minister Ali al-Zeidi said on Monday that Iraq aims to raise oil production to 10 million barrels per day over the next 5 years, while expanding investment in associated gas to achieve self-sufficiency. He made the remarks during a meeting with TotalEnergies Chairman and CEO Patrick Pouyanné in Paris.
The two sides discussed TotalEnergies' strategic projects in Iraq, particularly in the gas sector, as well as plans to expand oil exploration areas to support economic growth and development projects. The prime minister said Baghdad was ready to host an international energy conference.
TotalEnergies investments set to reach $16 billion
Pouyanné said TotalEnergies' oil investments in Iraq amounted to $12 billion, with plans to increase them to $16 billion in the future.
In southern Iraq, the company is carrying out the Integrated Gas Growth Project, with investment of about $10 billion. The project includes four initiatives to capture associated gas, develop the Ratawi oil field and treat seawater, as well as a solar power plant to supply Basra's electricity grid.
TotalEnergies holds a 45% stake in the project, compared with 30% for the state-owned Basra Oil Company and 25% for QatarEnergy.
Heads of agreement signed to import liquefied natural gas
In a separate step to strengthen fuel supplies, Iraq's Ministry of Electricity announced that it had signed a heads of agreement with TotalEnergies to supply Iraq with liquefied natural gas, as part of plans to diversify the fuel sources used by power-generation plants.
Electricity Minister Ali Saadi Waheeb signed the agreement in Paris on behalf of the General Company for Electric Power Production in the Southern Region with TotalEnergies' gas and power division, under the auspices of the Iraqi prime minister.
The heads of agreement paves the way for negotiations to supply liquefied natural gas to Iraq through a floating platform at ports in Basra province. The gas would be regasified and injected into the national gas pipeline network to supply power-generation plants. The move aims to diversify fuel supplies, support stable plant operations and increase electricity supply hours.
Talks on developing the banking sector
The Iraqi prime minister also discussed expanding Iraq's cooperation with international banks with Rothschild bank chairman Édouard de Rothschild, along with efforts to develop the banking sector, improve the country's credit standing and diversify the economy. Rothschild highlighted the investment opportunities available to international financial institutions seeking to participate in Iraq's development projects.
The talks took place during an official visit to France that the Iraqi prime minister began on Sunday at the invitation of President Emmanuel Macron. The visit focuses on expanding partnerships between the two countries, particularly in energy, the economy and security.
