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The OPEC Agreement Puts A Floor Under Oil Prices

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Turkey Signs Oil Agreement with Turkish Republic of North Cyprus

The eastern Mediterranean’s offshore potential oil and natural gas assets are becoming an increasing multinational issue, with disputes arising between Israel, Lebanon, turkey and the Republic of Cyprus about how best to apportion the eastern Mediterranean seabed.
 
Turkey and the Turkish Republic of Northern Cyprus (TRNC) delegations have met in Lefkosa and agreed to issue an oil exploration license to Turkey’s state-owned Turkiye Petrolleri Anonim Ortakligi (Turkish Petroleum Corporation, or TPAO) and a continental shelf delimitation agreement in order to counter proposed efforts should the Republic of Cyprus proceed with offshore drilling activities off the island’s southern coast.
 
The Turkish Ministry of Foreign Affairs (MFA) released a statement noting that the MFA "upon the invitation by the Turkish government, a technical meeting was held Thursday at the Ministry with a delegation composed of representatives from relevant authorities of the TRNC. As a result of the meeting, it has been agreed that Turkey and the TRNC will conclude a continental shelf delimitation agreement should the Greek Cypriot administration proceed with offshore drilling activities in the south of the island," Turkey’s Anadolu Ajansi news agency reported.
 
Following the invitation of the TRNC government, a delegation from Turkey, led by the Turkish Ministry of Energy and Natural Resources Deputy Undersecretary Sefa Sad?k Aytekin and representatives from Turkey’s MFA, the Petrol Isleri Genel Mudurlugu (General Directorate of Petroleum Affairs, or PIGM) and TPAO held meetings in Nicosia to discuss the issues.

By. Joao Peixe, Deputy Editor OilPrice.com



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