My Perspective
Mar 11,2024 | DAXTROMNSOLAR
Iraq's Massive Total Oil Deal Heralds New Revenue Sharing Formula
Iraq has signed a massive oil deal with Total, a French energy company, marking a new era for the country's oil industry and revenue sharing formula. The deal, worth over $27 billion, will boost Iraq's oil production capacity and provide significant economic benefits. Under the agreement, Total will invest in the extraction and development of Iraqi oil fields, and in return, Iraq will receive a share of the profits generated. This new revenue sharing formula is seen as a step towards increased transparency and fairness in the country's oil sector. It is expected to not only increase revenue for Iraq but also attract more international oil companies to invest in the country's oil resources.
This significant oil deal between Iraq and Total signifies a positive development for Iraq's economy, particularly in the oil sector. The new revenue sharing formula is a crucial step towards promoting transparency and fairness in the distribution of oil profits. This will not only benefit Iraq in terms of increased revenue but also attract more foreign investment in the country's oil resources, leading to further economic growth. It is a promising move for Iraq and demonstrates its potential in becoming a key player in the global oil market.
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