France’s Total signs mega oil and gas deals with Iraq

French energy giant Total signed some $27bn worth of oil and gas contracts with Iraq at a time when other big oil companies are looking to exit Iraq’s energy sector.

French energy giant Total signed mega contracts with Iraq worth $27bn 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 signed on Sunday with Prime Minister Mustafa al-Kadhimi in attendance, according to a Ministry of Oil statement. Total signed contracts with the ministry to develop the Ratawi oil field in southern Iraq, a gas processing hub to capture natural gas from five southern oil fields, and a much-needed project to treat Gulf seawater and inject it into reservoirs to maintain oil production levels.