Turkey’s new Petroleum Law aims to attract new upstream investors. It includes improved terms and an end to privileges enjoyed by state oil firm, TPAO. The law divides acreage into onshore and offshore, in contrast to the 18 regions under the old 1954 law. Explorers will no longer have to partner TPAO offshore, one source says. Initial exploration phases will be longer: five years for onshore blocks (up from four at present) and eight years (up from six) for offshore acreage.
There has been a removal of a 500sq km maximum block size, MEES understands. (CONTINUED - 293 WORDS)