Iraq expects its hydrocarbons law to be approved by the second quarter of 2009, a senior government figure in Baghdad said, TehranTimes reported.
The news comes as the fourth draft of the Iraqi oil legislation is currently being prepared.
Former Iraqi oil minister, Thamir Ghadhban told MEED that the current draft needs final agreement but has been accepted by the Iraqi Council of Ministers.
"That is significant in that it shows it is moving ahead," says Ghadhban who is also the current adviser to the Iraqi prime minister Nouri al-Maliki. "I expect the hydrocarbons law to be in place by spring 2009."
International oil firms have earlier expressed anxiety that the first oil exploration round, which is currently being held by the Iraqi Oil Ministry, could face difficulties without new legislation.
Iraq wants to raise its oil production to 4.5 million barrels a day by 2012, from about 2.5 million b/d today.