Turkey-North Cyprus Gas Deal Set to Escalate Tensions

Reuters reported that Turkey signed a deal with the Turkish Cypriot state to start offshore gas exploration in a move set to escalate regional tensions over Mediterranean energy reserves.

The market news is quoted as saying:

On Tuesday, the Greek Cypriot government, which has been at loggerheads with Turkey since its military invasion of north Cyprus in 1974, said drilling had begun in a southeastern offshore block, adjoining a gas field in Israeli waters reputed to be the world’s largest find of the past decade.

“The continental shelf delimitation agreement between Turkey and Turkish Republic of Northern Cyprus has been signed now in New York between Erdogan and Dervis Eroglu,” an official at the prime minister’s office told Reuters, referring to the Turkish Cypriot leader.

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