"The Council of Ministers approved the establishment of Basra Energy Company to be the financing entity for developing the giant Rumaila field. It will become one of the most important pillars of the energy transition, and an important element of sustainable development in Iraq." BP and PetroChina will wholly own Basra Energy Company Ltd. French President Macron's second trip to Iraq in less than a year could potentially help push a massive energy deal across the finish line for TotalEnergies. The visit to Iraq raises expectations that TotalEnergies could be close to finalizing a multi-billion-dollar energy deal it has been negotiating since April. "We have secured the terms and the reference on the contract. We've agreed with Total on the economic model," said Iraqi Oil Minister Ihsan Ismaael in a July interview, expressing optimism that the final signing "should happen before September."