The Iraqi parliament passed the country's 2013. Iraq's cabinet approved the 138-trillion-Iraqi-dinar ($118.5 billion) budget in October, but differences repeatedly thwarted attempts by lawmakers to pass the draft legislation in parliament.
The 2013 budget allocates 750 billion Iraqi dinars ($644.33 million) for oil companies operating in the northern Kurdish enclave, which include majors such as Exxon Mobil, Russia's Gazprom Neft and Chevron Corp.
The 2013 budget is based on oil price of $90 and average exports of 2.9 mln barrels per day.
New legislation to govern the world's fourth largest oil reserves has been caught up for years in parliament, which has been all but paralyzed since U.S. troops withdrew from Iraq over one year ago.