Oil revenues should be ‘shared’ in Cyprus

Oil revenues should be ‘shared’ in Cyprus

ISTANBUL- Hürriyet Daily News
Greek Cyprus should either give up exploratory drilling operations or distribute all the revenues obtained from the drilling operations between both sides of Cyprus, Turkish Energy Minister Taner Yıldız said during a press event in the Central Anatolian province of Kayseri on Feb. 9.

Yıldız stated that oil and gas research conducted by Greek Cyprus in the Mediterranean was contrary to international law, as the water in question lies in an undetermined exclusive economic zone between the two sides, according to the Anatolia news agency.

“Turkey will not cooperate with companies who participate in oil and gas research there until the conditions are clarified,” he said. He also added that the Energy Ministry has had talks with the Italian multinational oil and gas company ENI.

Yıldız said Turkey’s state-run oil researcher TPAO would continue its operations in authorized regions of the island.

Greek Cyprus signed an agreement on Feb. 6 with French Total to conduct exploratory drilling for gas and oil in two blocks off its southern shore.

Turkey protested against Nicosia’s energy search, beginning its own exploratory drilling off the breakaway north region of the island.