New Turkish Petroleum Draft Law numbered 5574 was prepared to change the existing Petroleum Law of 6326 with effective date of 1954 and with the reasoning of alignment with European Union acquis; exploration, development and production of Turkey’s petroleum resources in a fast, effective manner and in alignment with today’s market conditions. However, with the new proposed law, it seems unrealistic to reach the expected results while guarding the national interests; therefore, a hybrid model as used in some countries in the world is suggested. With this model, several suggestions are made with regard to: transparent, objective and competetive environment for licensing procedures in which only technically and financially pre-qualified companies participate; realization of significant exploration investments, auditing, and sanctions to be applied, in case of commercial discovery, sharing of the profit between the investor and the state fairly.


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