Why TotalEnergies’ $27 Billion Deal With Iraq Is A Gamechanger

The long-delayed US$27 billion four-pronged megadeal between France’s TotalEnergies and the Federal Government of Iraq has received the final go-ahead from both sides and is due to start within the next four weeks. The huge deal is crucial in enabling Iraq to increase its oil production from around 4.5 million barrels per day (bpd) to perhaps 13 million bpd within five years. It is also critical to Iraq’s ability to end its dependence on Iran for gas imports and electricity for its power grid. For the West, the deal is crucial…