Iraq, TotalEnergies Discuss Expanding Oil and Gas Production

Iraqi Prime Minister Ali Al-Zaidi held talks on Monday with TotalEnergies CEO Patrick Pouyanne on expanding the company’s projects and investments in Iraq’s oil and gas sectors.

The meeting reviewed TotalEnergies’ strategic projects in Iraq, particularly those focused on gas development, as well as government plans to increase oil production over the next five years, with a target of reaching around 10 million barrels per day.

Al-Zaidi also highlighted plans to expand oil exploration and strengthen the energy sector’s contribution to economic growth and development, while noting preparations for an international energy conference in Baghdad.

Pouyanne reaffirmed TotalEnergies’ readiness to expand cooperation with Iraq, noting that the company currently has around $12 billion invested in the country and plans to increase its investments to $16 billion in the future.

Separately, Al-Zaidi met Rothschild Chairman Edouard de Rothschild to discuss expanding Iraq’s cooperation with international financial institutions, developing the banking sector, improving the country’s credit rating and supporting efforts to build a stronger, more diversified economy.

De Rothschild highlighted Iraq’s investment opportunities and the potential role of international financial institutions in supporting the country’s development plans.