Abstract
In order to increase domestic petroleum production, further national petroleum supply, attract investors and harmonise its laws with those of the European Community, Turkey has been working on numerous legislative changes concerning its petroleum industry. In addition to the implementation of a Petroleum Market Law on 24 December 2003, a Draft Petroleum Law was sent to the Office of the Prime Minister on 4 July2003. While the Petroleum Market Law regulates downstream petroleum activities, privatising the state-owned refinery TUPRAŞ and liberalising consumer prices, petroleum exploration and petroleum development activities are left to the Petroleum Law, Law No 6326, which had been regulating both upstream and downstream sector for the past 60 years. This article examines the Draft Petroleum Law, which includes major changes and provides many incentives to attract foreign oil companies to undertake upstream operations in Turkey. The article provides an overview of Turkey's petroleum industry and an insight into developments in Turkey's latest upstream legislation.
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