Turkey Vows to Prevent Exxon Mobil Venture Drilling Off Cyprus
(Bloomberg) -- Turkey threatened to block any unauthorized search for gas and oil in its economic exclusive zone in the eastern Mediterranean after Cyprus awarded hydrocarbon exploration and drilling rights in its offshore block 5 to a venture of Exxon Mobil and Qatar Petroleum.
A part of the license area in question violates Turkey's continental shelf in the eastern Mediterranean, the Turkish Foreign Ministry said in a statement just hours after the Energy Ministry in Cyprus announced the deal.
Cyprus Gives Block 5 Drilling Rights to Exxon Mobil Venture
The disputed eastern Mediterranean has become an energy hot spot with big natural gas finds for European Union member Cyprus, Israel and Egypt in recent years, and Turkey's push to secure a share of the resources has exacerbated strains between historic rivals. The European Commissioned has urged Turkey to sustain de-escalation in the region, while vowing to defend the interests of member states Greece and Cyprus if it didn't. Turkey was adamant that it's protecting its rights as well as those of Turkish Cypriots who control the northern third of the divided island.
EU Offers Turkey Engagement If Mediterranean Tension Avoided
“Turkey will never allow any foreign country, company or ship to engage in hydrocarbon exploration activities in its maritime jurisdictions,” the Turkish Foreign Ministry said. Turkey accused Cyprus of escalating tensions in the eastern Mediterranean by awarding exploration and drilling rights to the venture.
Offshore gas reserves around Cyprus are especially nettlesome. The Republic of Cyprus is an EU member state and officially has sovereignty over the entire island.
But the island has been effectively divided since Turkey's military captured the northern third in 1974, following a coup attempt in which a military junta in Athens sought to unite Cyprus with Greece.
The Turkish minority's self-proclaimed state in the north, the Turkish Republic of Northern Cyprus that's recognized only by Ankara, lays claim to any energy resources discovered off its coast.
Turkey “will continue to resolutely defend” its rights as well as the Turkish Republic of Northern Cyprus, the Foreign Ministry said.
©2021 Bloomberg L.P.
-
Unhedged Position | Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
