Iraqi Oil Minister Jabar al-Luaibi attends the Iraqi oil and gas exploration and development contract auction in Baghdad, April 26, 2018. (REUTERS/Khalid al-Mousily)
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A United Arab Emirates energy company and two Chinese firms emerged Thursday as the only winners in Iraq's rushed bidding round for nearly a dozen hydrocarbon-rich areas.The company will be entitled to 9.21 percent and 19.99 percent of net profits, respectively, from the two fields.The UAE company's share in the net profit will be 13.75 percent.Its share of net profits from the two blocks will be 14.67 percent and 7.15 respectively.And China's UEG won the rights to explore and develop Sindbad green oil field in Iraq's Basra region. Six other blocks -- Zurbatiya, Shihabi, Jebal Sanam, Fao and the Arabian Gulf in Iraq's territorial waters in the Persian Gulf- in central and southern Iraq received no bids.Iraq's previous bidding rounds succeeded in awarding rights to develop major oil and gas fields that hold more than half of its 153.1 billion barrels of proven oil reserves.
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