SOCAR receives license to search for oil in eastern Turkey

SOCAR Turkiye Enerji (Turkish 'daughter' company of the State Oil Company of Azerbaijan; SOCAR) received a license from the General Directorate on Petroleum Affairs of the Ministry of Energy and Natural Resources of Turkey to search for oil in the country, the website of Turkey’s 'Official Gazette' (Resmi Gezete) reports.

4 licenses for a period of five years to conduct exploration to find oil deposits in eastern Turkey were issued to Socar Turkiye Enerji A.S.

Within 30 days the company must submit an investment program of work at licensed areas and a guarantee amounting to 2% of its value to the General Directorate of Petroleum Affairs.