|
||
 |
||
|
||
|
||
| East Mediterranean oil
feud revisited The oil and natural gas agreements made between the Greek Cypriots and Egypt and Lebanon will likely heat more waters in the eastern Mediterranean. Despite harsh reactions by the Turkish Republic of Northern Cyprus (KKTC) and Turkey, the Greek Cypriot administration is preparing to hold a new tender. The conflict over Mediterranean oil will likely be rekindled on Feb. 15, when the Greek Cypriot administration will hold the tender and receive bids from international companies. Following Turkey's reactions, an Egyptian company withdrew from participating in the tender, while statements from the Lebanese company indicate its intention to bid. The Greek Cypriot administration reportedly has existing contracts with Chinese, Syrian and Norwegian companies. The exploratory studies conducted by Norwegian companies found 8 billion barrels of oil reserves with a value of $400 billion. In addition to avowing it will not permit the Greek Cypriots' attempts, Turkey is planning to launch a similar initiative. The preparations for oil exploration by the Turkey National Gas and Oil Company (TPAO) in the region were suspended upon the Foreign Ministry's order to "standby." Prof. Dr. Dogan Perinçek of Çanakkale 19 Mayis University, who submitted a report to TPAO concerning the oil fields in the Eastern Mediterranean one year before the current crisis, said the smartest move to counter the Greek Cypriots' current actions was to market the oil exploration licenses. "The Turkish Republic of Northern Cyprus should promptly announce the licenses for oil exploration areas and market them. By accessing international stock exchanges, Turkish Cypriots are entitled to use the economic resources in their own territorial waters. Considering the fact that the Turkish Cyprus has been under extended embargo and the EU and the US are siding with Turkey concerning the minimization of economic sanctions, this will be a successful move," he said. "Turkey will face problems if TPAO goes to the region on its own. In retaliation, Greece will send its own companies to the region for oil exploration. The most reasonable method is to conduct oil exploration through the Cyprus Turkish Oil Corporation." But as the second option, Turkish companies may join the tender held by the Greek Cypriot administration, Perinçek argued. If Turkish companies manage to suppress their sentimentality and join this tender, the Greek Cypriot administration would likely annul the contract entirely. "Turkish companies may join the tender and they may be awarded the contract. In this case, the Greek Cypriots will likely cancel the tender. This will give us as a second move to corner the Greek Cypriots," he said. After the Greek Cypriot administration signed oil
exploration agreements with Lebanon and Egypt last week, Turkey sent its warships to the
zone for intimidation. In its written statement, the Turkish Foreign Ministry reiterated
Turkey's determination to protect its interests in the Eastern Mediterranean, emphasizing
that the Greek Cypriot administration does not represent the entire island. |
