TotalEnergies’ four-pronged megadeal and the key reason why the deal is going ahead from Iraq’s side is that China does not have the technical capabilities to do it.
- Apr 11, 2023, 6:00 PM CDT
European oil majors have balanced the benefits of working in Iraq against the huge legal, financial and security risks involved.The on-off-on-off US$27 billion four-pronged megadeal between TotalEnergies and the Federal Government of Iraq appears to be back on again, although it is not quite the deal that the French oil and gas supermajor first had in mind.
This awareness of the risks may be the reason for the yo-yoing on the final terms of the megadeal, which has caused its delay since the initial agreement was signed in September 2021. The key risk for Western energy companies working in Iraq is that they become caught up in the endemic corruption that pervades the country oil and gas sectors, leading to for them and the country they represent, not to mention financial and legislative risks as well.
Very shortly after this massive fresh investment in Iraq by a cash-rich Western energy firm had been announced in September 2021, it was also announced by Iraq that the omni-toxic idea of re-establishing the Iraqi National Oil Company was to be resuscitated.
Unfortunately for Iraq, it quickly became clear that one does not get to become a senior figure in France’s leading oil and gas company by being as stupid as seems to be the minimum requirement to secure a senior position in whichever department of the Oil Ministry it was that thought bringing back the INOC was a good idea.
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