360° Coverage : Turkey Flexes Muscle In Eastern Mediterranean Energy Race

2 Updates

Turkey Flexes Muscle In Eastern Mediterranean Energy Race

Feb 14 2014, 10:23am CST | by

Early this month, Cypriot authorities renounced a naval confrontation between a Turkish vessel and a Norwegian ship that had been commissioned by Nicosia to conduct offshore surveys for energy...

Filed under: news

 
 
 

32 weeks ago

Turkey Flexes Muscle In Eastern Mediterranean Energy Race

Feb 14 2014, 10:23am CST | by

Early this month, Cypriot authorities renounced a naval confrontation between a Turkish vessel and a Norwegian ship that had been commissioned by Nicosia to conduct offshore surveys for energy exploration, alleging that they had been told to “abandon position” and “leave Turkish waters”. The move is the latest in a long line of tense interactions between the two countries over contested access to significant reserves of offshore gas, with Turkey insisting that any such exploration in the region include the Turkish Republic of Northern Cyprus (recognized by only Turkey).

Cyprus currently boasts access to almost half of an estimated 122 tcf of natural gas below waters in the Eastern Mediterranean. According to a U.S. Geological Survey, the country’s ability to exploit the offshore reserves could bring in about $400 billion in revenue over the coming years, not to mention address any domestic needs they might have. Additionally, the site offers a potential 1.7 billion barrels of oil as well.

After sending ships into local waters following Nicosia’s first foray into exploring their offshore potential, Ankara has continued its protests, insisting that any reserves and revenues be split evenly between the Greek and Turkish parts of the country. Further, they announced that any unilateral gas efforts should be considered a “legal transgression” and warned foreign firms against signing on with Cyprus or face repercussions, mostly in the form of restricted access to Turkish energy projects. Still, Greek Cyprus has been able to ink deals with Noble Energy and a consortium between Italy’s Eni and South Korea’s Kogas.

Despite a host of political and security challenges at home, Turkey has kept up the pressure, especially in light of Cypriot efforts to establish export partnerships with another active regional energy actor, Israel. Furthest along in their energy exploration and production efforts, Israel has announced that they will reserve 40 percent of their reserves for an export market, though how this will happen is still unclear. Both Cyprus and Turkey have advocated for a role in moving Israeli reserves towards Europe, with Nicosia offering Liquified Natural Gas options and Ankara suggesting a subsea pipeline. With substantial revenues and energy investment access at stake, Israel’s decision could add still further tension to the situation.

However, not all have found the region’s offshore potential as a cause for security concern. Instead, some have found reason for hope in the gas finding, with reunification proponents arguing that the quickest way to mend fences between the Republic of Cyprus and the Turkish Republic of Northern Cyprus energy cooperation. This week saw reunification talks resume after an 18 month break, with the region’s energy potential cited as a possible incentive for progress. According to a BBC report, leaders on both sides of the debate called the status quo “unacceptable”, with the island’s offshore potential emerging as incentive for a long-sought peace deal. Cyprus has been split in two since 1974, with the Turkish Republic of Northern Cyprus declaring themselves a state in 1983, though they have failed to earn official recognition from anyone except for Turkey since.

Source: Forbes Business

 
Update
2

4 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slashing the workforce of 20,000 by 30 per ce ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

4 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the do ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

US, India to collaborate on Mars, Earth missions
Washington, Oct 1 (IANS) US and India have agreed to enhance cooperation in Mars exploration and establish a pathway for future joint missions to explore the red planet besides launching a NASA-ISRO satellite mission to observe Earth.
 
 
Russell Crowe drives his real-life gladiators to brink of glory
Canberra, Oct 1 (IANS) Russell Crowe is one of Hollywood's biggest stars but his role this weekend as owner of Australian rugby league team South Sydney might be the most nerve-wracking of his career.
 
 
42 confirmed, suspected Ebola deaths in Congo
Kinshasa, Oct 1 (IANS) A total 42 people have died in confirmed or suspected Ebola infection cases in Democratic Republic of Congo (DRC), Minister of Public Health Felix Kabange said Wednesday.
 
 
Australia to readjust budget to counter terrorism
Sydney, Oct 1 (IANS/EFE) The Australian government confirmed Wednesday that there will be budget cuts to finance new anti-terrorism measures.
 
 
 

Latest from the Network

Taylor Swift not thinking about dating
Taylor Swift insists dating is the ''last thing'' on her mind. The 24-year-old singer - who has previously been in relationships with Harry Styles, Joe Jonas, John Mayer and Jake Gyllenhaal - admits she isn't looking...
Read more on Celebrity Balla
 
Victoria Beckham saves dress for daughter
Victoria Beckham has saved the dress she wore on her first date with husband David to hand down to their daughter. The former Spice Girls singer - who has Brooklyn, 15, Romeo, 12, Cruz, nine, and Harper, three, with the...
Read more on Celebrity Balla
 
Lindsay Lohan wants kids
Lindsay Lohan is ready to have children. The 28-year-old actress - who is currently starring in 'Speed-the-Plow' on London's West End - has a few professional goals she wants to achieve but is also keen to settle down...
Read more on Celebrity Balla
 
Snooki: Labour was agony
Nicole 'Snooki' Polizzi claims she was ''literally dying'' in labour. The former 'Jersey Shore' star and fiance Jionni LaValle welcomed second child Giovanna into the world last week and was relieved to arrive at...
Read more on Celebrity Balla
 
Isla Fisher is pregnant
Isla Fisher is reportedly pregnant. The 'Confessions of a Shopaholic' star and husband Sacha Baron Cohen are said to be expecting their third child together and the actress is already through her first trimester. A...
Read more on Celebrity Balla
 
Australian PM labels burqa 'confronting form of attire'
Canberra, Oct 1 (IANS) Australia's parliament approved tough new counter-terrorism laws Wednesday but cross-party support for the measures was accompanied a spat over the wearing of burqas. The opposition Labour...
Read more on Politics Balla
 
Ashwini fails to defend women's 440m hurdles title
Incheon, Oct 1 (IANS) India's Ashwini Akkunji failed to defend her women's 400 metres hurdles title as she finished fourth and out of medal contention in the final of the Asian Games here Wednesday. Ashwini, who had...
Read more on Sport Balla
 
Over 1,100 killed in Iraq violence in September
Baghdad, Oct 1 (IANS) A total of 1,119 Iraqis were killed and 1,946 injured in terror attacks and violence in September in Iraq, the UN Assistance Mission for Iraq (UNAMI) said Wednesday. It said 854 civilians and 265...
Read more on Politics Balla
 
Annu Rani wins women's javelin bronze
Incheon, Oct 1 (IANS) India's Annu Rani clinched the women's javelin throw bronze at the Asian Games here Wednesday. The gold and silver went to China's Zhang Li and Li Lingwei, respectively, at the Incheon Asiad Main...
Read more on Sport Balla
 
Pick the perfect coat for autumn-winter 2014
London, Oct 1 (IANS) Cold weather is descending upon us and it's time to pick the best piece from various options available in the market. From military inspired styles to aviator ones, one can try many trends, but the...
Read more on Celebrity Balla