• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 2 hours OPEC will consider all options. What options do they have ?
  • 2 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 4 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 10 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 5 hours What to tell my students
  • 3 hours China Threatens to Withhold Rare Earth Metals
  • 10 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 5 hours With Global Warming Greenland is Prime Real Estate
  • 18 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 17 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 19 hours Flaring is at Record Highs in Texas
  • 14 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
A New War In Yemen

A New War In Yemen

The most recent development in…

Turkey Continues Oil, Gas Drilling In Eastern Mediterranean

Turkey

Turkey is continuing its oil and gas drilling operations in the eastern Mediterranean, sending yet another ship to drill for hydrocarbons amid a strained dispute over exploration rights that has drawn the attention of the European Union and the United States.

Two Turkish ships continue to drill offshore Cyprus and a third will join them at the end of August, Turkey’s Energy Minister Fatih Donmez said aboard one of the drill ships in comments this week, as carried by Reuters.

Turkey, which recognizes the northern Turkish Cypriot government and doesn’t have diplomatic relations with the internationally recognized government of EU member Cyprus, claims that part of the Cyprus offshore area is under the jurisdiction of Turkish Cypriots or Turkey, and they are entitled to part of the potential oil and gas resources in the area. Turkey doesn’t recognize the agreements that Cyprus has signed with other countries in the Mediterranean over the exclusive maritime zones either.

The ships Fatih and Yavuz continue drilling operations, and the Oruc Reis seismic exploration ship is set to join the work at the end of this month, Reuters quoted Donmez as saying.  

In February this year, Turkey said its exploration ships would soon start drilling for oil and gas offshore the northern part of Cyprus in a move that reignited tension between Turkey, Cyprus, and Greece regarding exploration rights off the eastern Mediterranean island.

Turkey sent its Fatih drilling ship into Cypriot waters, launching drilling operations that have prompted a response from the U.S. and a Greek Cypriot counter-threat, Oilprice.com sources in Istanbul said in May.

Related: Big Oil Profits Lag Despite Rising Production

Turkey appears determined to continue drilling operations despite warnings from the U.S. and the EU, which chastised Turkey last month, saying that “In light of Turkey’s continued and new illegal drilling activities,” the EU suspends talks on an air transport agreement and halts EU-Turkey high-level dialogues. The EU is also cutting assistance to Turkey for 2020 and called on the European Investment Bank (EIB) to review its lending activities in Turkey, especially sovereign-backed lending.

The EU’s conclusions “will in no way affect Turkey's determination to continue its hydrocarbon activities in the Eastern Mediterranean,” Turkey’s Ministry of Foreign Affairs said in mid-July.

“These conclusions demonstrate how prejudiced and biased the EU is with regard to Cyprus as they make no reference to the Turkish Cypriots, who have equal rights over the natural resources of the Island, in total disregard of their existence in Cyprus,” Turkey says.

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on August 07 2019 said:
    By deciding to send a third drilling ship to join two other drilling ships in disputed marine area with Cyprus at the end of August, Turkey is signalling its determination to achieve its objectives in the eastern Mediterranean, namely, to ensure that the Turkish Cypriots get their rightful share of the natural gas wealth, to consolidate its position as the energy hub of the European Union (EU) and to force the Greek Cypriots to accept a settlement in a disputed maritime area overlapping Turkey’s continental shelf and Cyprus’ maritime economic zone.

    It is also ignoring political and financial sanctions announced recently against it by the EU and also threat of military and economic sanctions by the United States.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play