Turkish Cyprus sends Turkey gas deal to parliament

Turkish Cypriot cabinet of ministers on Wednesday adopted an agreement with Turkey to mark continental shelf borders in the Eastern Mediterranean.

Turkish Cyprus sends Turkey gas deal to parliament

Turkish Cypriot cabinet of ministers on Wednesday adopted an agreement with Turkey to mark continental shelf borders in the Eastern Mediterranean and sent it to the Turkish Cypriot parliament for ratification.

The agreement gives Turkey the green light to search oil and natural gas inside the Turkish Cypriot waters and it follows a Greek Cypriot move to start offshore drilling for natural gas and oil in the southeast of the Eastern Mediterranean island.

In 2010, the Greek Cypriot administration and Israel signed an accord demarcating their maritime borders to facilitate a search for mineral deposits in the Eastern Mediterranean.

Turkey disputes an Cypriot-Israeli accord signed last year to create exclusive economic zones in the waters between them.

It also says that only Greek Cyprus should not be exploiting natural resources until a settlement is reached between the Greek Cypriot government and a Turkish Cypriot government for the reunification of the island, and that any revenues should benefit both communities.

Noble Energy says that the eastern Mediterranean gas finds have been the world's biggest deepwater gas discoveries in the last decade, with a total of at least 25 tcf of gross mean resources.

Cypriot leaders have been negotiating to reunify the island since 2008.

Agencies

Last Mod: 29 Eylül 2011, 12:21
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