• 1988 – PETOIL BAKI LTD. was founded in order to give oil industry services to PETOIL INC. that produced 150.000 tons.
  • 2000 – AZERPETOIL JOINT VENTURE COMPANY was transformed into a production sharing agreement between Azerbaijan Government Petroleum Company (SOCAR), SOCAR Oil Affiliate, Karasu Development Company and PETOIL INC. With this agreement, PETOIL continued the oil production as the contractor by founding KARASU OPERATING COMPANY.
  • 2003 – In order to intensify the activities in Iraq, the oil production rights, commitments and liabilities in Azerbaijan were transferred to a third party company, and the oil production activities in Azerbaijan were ended. Therefore, with the sale of PETOIL BAKI LTD. assets, the liquidation of the company was completed.
  • 2003 – On behalf of’ Interim Joint Regional Administration of Northern Iraq’, an agreement with the “Regional Government of Sulaimaniyah” (Governorate) was signed for oil and natural gas exploration and production in the areas as stated in the agreement.
  • 2004 – PET PRIME INTERNATIONAL OIL COMPANY was established with the 50% each partnership of PET and Prime Natural Resources (Houston-USA) and acquired 100% shares of the agreement signed by PETOIL in Iraq.
  • 2004 – Petoil, signed a profit sharing agreement with Yemen Government for oil exploration and production in Block 3. Upon this agreement, a participation agreement was made between Oil Search Ltd. (Australia) and Petoil.
  • 2004 – From the General Directorate of Petroleum Affairs, PETOIL INC. acquired two petroleum exploration licenses along the Syria border.







    • History...