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Last updated : 12/10/2026 - 17h35
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Vallourec Selected by TotalEnergies for Gas Project in Iraq

Vallourec has been chosen by TotalEnergies to provide tubing for an oil and gas exploitation project in Iraq, according to a company statement.


Vallourec Selected by TotalEnergies for Gas Project in Iraq

Project Details and Scope

Vallourec, a specialist in premium seamless tubular solutions, has been selected to supply casing tubes, production tubes, and accessories for drilling 48 wells in the Associated Gas Upstream Project 2 (AGUP2). Operated by TotalEnergies in partnership with Basra Oil Company and Qatar Energy, the project aims to exploit oil and associated gas in the Ratawi field. The goal is to increase production to 210,000 barrels of oil per day and 154 million standard cubic feet of gas per day.

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For this new phase, Vallourec will deliver over 30,000 tonnes of premium tubular solutions, including about 3,000 tonnes of pipelines equipped with anti-corrosion coating. Previously, for the drilling of the first 30 wells, the company had supplied approximately 15,000 tonnes of tubes equipped with VAM® connections.

Broader Project Context

The AGUP2 project is part of the Gas Growth Integrated Project (GGIP), which is aimed at enhancing Iraq's electricity supply by capitalizing on the country's natural resources. The GGIP includes the recovery of flared gas to power electric plants, the expansion of the Ratawi field, as well as the construction of a solar power plant and a seawater treatment plant. Philippe Guillemot, President and CEO of Vallourec, emphasized the significance of this longstanding partnership with TotalEnergies.



Sector Métaux et mines › Acier / sidérurgie


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Context

Period
  • Period: S1 2026
Key reported figures
  • Revenue: 1 860 millions de dollars
  • Quarterly revenue: 1 860 millions de dollars
  • Revenue growth: -8 %
  • EBITDA: 409,4 millions de dollars
  • EBITDA margin: 22 %
  • Net income: 131,5 millions de dollars
  • Free cash flow: 303 millions de dollars
  • -183,1 millions de dollars
Risks mentioned
  • Baisse de 15 % des volumes vendus de Tubes au premier semestre 2026
  • RBE Mines & Forêts en recul à 71 M$ contre 107 M$, effets de change défavorables du réal
  • Fermeture du détroit d'Ormuz affectant les délais de livraison à l'international
Opportunities identified
  • RBE du segment Tubes en hausse à 372 M$ grâce aux prix et au mix produit
  • Position de liquidité très solide de 2,0 milliards de dollars au 30 juin 2026
  • Produit d'environ 307 M€ encaissé le 8 juillet 2026 après exercice des bons de souscription
Outlook / guidance
  • Expected EBITDA: 190 millions de dollars

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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