The new Turkish Petroleum Law has been introduced in 2013. The legislations and incentives regarding the new law are explained and the upstream petroleum sector of Turkey has been evaluated in all aspects, in this paper. The historical development of the industry together with the related law in Turkey is also discussed. The important points in the law about the investment guarantee, exploration license, production lease, royalty payment, foreign staff status, incentives and etc. are mentioned in detail. The overview, background and present condition of the Turkish upstream industry are analyzed with statistical data and with forecasts. The outlook of the drilling and production activities along with the geological and geophysical studies in Turkey is presented. The potential hydrocarbon areas in Turkey are mentioned beside the regulatory. It is expected that the exploration activities in Turkey will increase as the consequence of the new law. Remarkable discoveries are expected from offshore and/or unconventional activities. (C) 2015 Elsevier Ltd. All rights reserved.