Paris: TotalEnergies and the Iraqi government reached a deal to move ahead on an investment plan worth about $10 billion to boost oil, gas and power production in the Middle Eastern country.

Iraq’s state-owned Basrah Oil Company will take a 30 per cent stake in the so-called Gas Growth Integrated Project, the French company said Wednesday, confirming an announcement made by Iraqi authorities Tuesday evening. TotalEnergies has also invited QatarEnergy to take a 25 per cent stake in the project, while the French energy giant will hold a 45 per cent interest.

The project mainly aims to recover flared gas on three oil fields in order to supply power plants, and to build a seawater treatment plant to provide water injection for pressure maintenance to increase regional oil production, TotalEnergies said Wednesday. The deal was first announced in September 2021.