And major oil companies — Russia's Bashneft, Lukoil and Gasprom, America's ExxonMobil, and France's Total — were supposed to bid but withdrew. And China's UEG won the rights to explore and develop Sindbad green oil field in Iraq's Basra region. 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. Earlier this month, the Iraqi Cabinet approved a five-year development plan with a target of 6.5 million barrels a day by 2022. It is based on a projected oil price of $46 per barrel and a daily export capacity of 3.8 million barrels.

Source: ABC News April 26, 2018 12:02 UTC