Turkey's new Petroleum Law: its objectives and how they will be achieved
Turkey aims to become a regional energy hub, in terms of both production and transit of hydrocarbons. In particular, and largely in response to recent large gas discoveries by nearby Cyprus and Israel, the Turkish Government plans to increase exploration in its territorial waters with a view to increasing domestic production and reducing the country's dependence on imports of oil and gas that amounted to $60 billion in 2012. It also has its eye on potential shale gas opportunities.
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