On Monday, Iraq and French oil giant Total Energies signed a long-delayed agreement worth $27 billion, aimed at increasing oil production and enhancing the countrys ability to produce electricity, through the implementation of 4 oil, gas and renewable energy projects. The agreement was signed in 2021, with initial investments of $10 billion in southern Iraq for a period of 25 years, but it was postponed due to disagreements between Iraqi politicians regarding its terms. The Chairman and CEO of Total Energies, Patrick Pouyanne, signed the agreement with Iraqi Oil Minister Hayan Abdul-Ghani, during a ceremony in Baghdad, where Pouyanne hailed the agreement, saying it was a "historic day."