Shafaq News/ Iraq's Prime Minister, Mohammad Shia al-Sudani, on Monday received Patrick Pouyanné, CEO of France's TotalEnergies, in a meeting that followed the signing of a massive deal valued at $27 billion.

During their meeting, the Prime Minister and the CEO delved into facets of cooperation enshrined within the recently inked contract between Iraq and TotalEnergies, a readout by al-Sudani's bureau said.

Al-Sudani lauded the commencement of the initiative's on-the-ground implementation, underscoring the considerable strides his government has made towards adhering to obligations and achieving this significant milestone.

The premier said that the collaboration with TotalEnergies and the advent of the fifth bidding round are integral components of Iraq's strategic vision to leverage its gas resources, an initiative in which the country has been previously tardy in materializing.

Prime Minister al-Sudani reaffirmed his government's commitment towards cultivating substantive partnerships with major corporations interested in investing in the nation's natural resources, with a particular focus on the associated gas.

On his part, Pouyanné underscored his company's inclination towards broad-based cooperation with Iraq, expressing firm confidence in the partnership in the energy sector, and investing in promising and ambitious ventures within the field. He assured that TotalEnergies' technical teams would commence their on-site operations in the upcoming days.

Earlier today, Iraq and French oil major TotalEnergies signed a long-delayed $27 billion energy deal that aims increase oil production and boost the country's capacity to produce power with four oil, gas and renewables projects.

The deal had been signed in 2021, with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms.

TotalEnergies Chairman Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne hailing it a "historic day".

The deal was closed in April, when Iraq agreed to take a smaller than initially demanded stake in the project of 30%, with TotalEnergies taking a 45% stake and QatarEnergy holding the remaining 25%.

The Gas Growth Integrated Project (GGIP) aims to improve the country's electricity supply, including by recovering flared gas on three oilfields to supply power plants.

TotalEnergies said it would also develop a 1 GW solar power plant to supply electricity to the Basrah regional grid, inviting Saudi company ACWA Power to join the project.