US energy giant Chevron has officially acquired the operating and development rights in a major strategic Iraqi oil field, effectively replacing a Russian energy company that recently announced its withdrawal.
The American corporation is expected to inject billions of dollars in investments to modernize the field's infrastructure and introduce advanced extraction technologies that will increase production capacity while reducing carbon emissions.
Mada Al-Rafidain News points out that this significant transition aligns with the Iraqi Ministry of Oil's strategic efforts to attract major Western corporations, aiming to expand their investments in the exploration and production sector and diversify international partnerships in energy.
