The Turkish Petroleum Law numbered 6491
("Law") has entered into force as of
June 11, 2013. The Law has repealed the old Petroleum Law numbered
6326 ("Repealed Law") which was in
effect for almost sixty years.
The Law has changed the duration of the exploration licenses
which shall be obtained from the General Directorate of Petroleum
Affairs ("General Directorate").
Previously, the duration for the exploration licenses was 4 years
and could only be extended up to 8 years. However, the Law provides
that the exploration licenses are granted for a period of 5 years
for explorations on land and 8 years for explorations at sea. The
exploration licenses can be extended up to 9 years on land and up
to 14 years at sea respectively.
