TotalEnergies To Fast-Track Iraq Solar Power and Gas Projects: Report

TotalEnergies SE TTE reportedly plans to complete the first phases of a solar power project and an associated gas project in Iraq in 2025.

The Iraqi prime minister’s office said that the first phase of the gas project in southern Iraq is projected to initially produce 50 million cubic feet a day (mcf/d) within the next year, reported Reuters.

The deal comprises one GW solar power plant, a 600 mcf/d gas processing facility, and a seawater supply project key apart from raising production at the Ratawi southern oilfield.

Read: Double Play in Asia: TotalEnergies Expands Gas Portfolio in Malaysia and Oman

Notably, Iraq aims to produce much-needed natural gas for power stations and cut imports that burden the budget.

Last year, Iraq and French oil major TotalEnergies inked a $27 billion energy deal to boost oil production and the country’s capacity to produce energy with four oil, gas, and renewables projects.

Last week, TotalEnergies reported first quarter FY24 adjusted EPS of $2.14, down 18% Y/Y, beating the consensus of $2.06.

Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF EIPX and Keating Active ETF KEAT.

Also Read: TotalEnergies Trades Mature Assets for Growth In Low-Emission Congolese Oil Field

Price Action: TTE shares are down 0.20% at $74.41 premarket at the last check Monday.