Iraq has further delayed its latest oil exploration bidding round amid signs it is improving the terms under which international oil companies (IOCs) operate.
The country has also refrained from disqualifying ExxonMobil in spite of its move into the Kurdistan region of northern Iraq against the wishes of Baghdad.
"We have made major changes and amendments on the initial contract that concern the economic and contractual terms and the result was a new model contract," Abdul Mahdy Al Ameedi, the director of the oil ministry contracts and licensing directorate, told Reuters.
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