• 7 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 11 minutes Oil prices going down
  • 19 minutes Venezuela, the largest oil reserve in the world, faces deep shortages of motor oil
  • 20 hours 67.50 was the low for now, $70 - $76+ back in play
  • 20 hours EU And Japan Sign Historic Free Trade Deal
  • 18 hours Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 18 hours Daimler and BMW Will Beat Tesla in EV Race
  • 1 day Chartist predicting a $1 fall, after WTI drops $10
  • 19 hours China’s Technology Sector Takes On Silicon Valley
  • 24 hours Germany: We Can No Longer Fully Rely On U.S. White House
  • 13 hours Chile Becomes The Latest Country To Commit To 100% Renewables
  • 2 days Well from $74 we hit 67.xx now what?
  • 23 hours Trump-Putin Helsinki Summit And Oil Prices
  • 2 days Rio Tinto Says $4-Million Goodbye to Coal
  • 2 days Trade War of 1930s, Extended the Great Depression
  • 2 days Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 19 hours Trump mulling releasing 5 to 30 Mill Barrels
Alt Text

EU Could Switch To Euros In Oil Trade With Iran

The European Union (EU) is…

Alt Text

Germany’s Unstoppable Renewable Revolution

Even with policy reversals and…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean

Erdogan

The Eastern Mediterranean will face a security threat should Cyprus continue its unilateral operations of offshore oil and gas exploration in the region, Turkey’s President Recep Tayyip Erdo?an said in a speech at think tank Chatham House in London on Monday.

Turkey, which recognizes the northern Turkish Cypriot government and doesn’t have diplomatic relations with the internationally recognized government of Cyprus, claims that part of the Cyprus offshore area is under the jurisdiction of Turkish Cypriots or Turkey.

Tensions in the area flared up earlier this year, after Turkish Navy vessels threatened in February to sink a drilling ship that oil major Eni had hired to explore for oil and gas offshore Cyprus—the divided island whose northern part is run by Turkish Cypriots and is recognized only by Turkey.

Weeks before that, Turkey’s Navy had blocked the drilling vessel that Eni had hired. Eni’s chief executive Claudio Descalzi had said that the row is a diplomatic one and out of the company’s control. Descalzi said that Eni would probably move the blocked drilling ship, but would not pull out of its project in Cyprus.

While the internationally recognized Republic of Cyprus said that its “goal is to fully explore Cyprus’s hydrocarbon potential,” Turkey claims that the drilling operations are ‘unilateral’ and claims that part of the exclusive economic zone of Cyprus is under Turkish jurisdiction.

Meanwhile, just last week, Turkish Energy and Natural Resources Minister Berat Albayrak said that Turkey would begin its first solo oil and gas deepwater drilling in the Mediterranean before the end of this summer.

Turkey has strongly opposed what it describes as “unilateral” drilling offshore the internationally recognized Republic of Cyprus, and Turkish Cypriots argue that the offshore oil and gas resources of the island should be exploited jointly to ensure equal rights for both parties.

By Tsvetana Paraskova for Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News