The Iraqi government has moved closer to passing a new oil law that is expected to trigger the start of massive private development of the country’s oil fields. Dow Jones Newswires obtained a copy of the draft hydrocarbon law. It recommends the government sign production sharing agreements with foreign oil companies to develop Iraq’s oil fields. An Iraqi Oil Ministry official said that the new law proposes allowing—for the first time—local and international companies to carry out oil exploration in Iraq. During the rule of Saddam Hussein, exploration activities used to be carried out only by the government.