Energy: Oil & Gas 2022
Under the Turkish Petroleum Law, No 6491, the term “petroleum” includes crude oil and natural gas.
Petroleum resources in Turkey are owned by, and are at the disposal of, the state. However, upstream interests are granted by way of licences with definite terms. In such cases, exploration licence and production lease holders must pay the state a one-eighth share (12.5%) as a royalty for petroleum produced from an exploration or production area.
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First published by Chambers and Partners, Global Practice Guides, Energy: Oil & Gas – Law & Practice and Trends & Developments 2022.