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It was stated that Hydrocarbon Reserves in the Mediterranean is an Alternative Source

Faculty of Economics and Administrative Sciences, Cyprus International University (CIU) stated that hydrocarbon reserves in the Mediterranean may be an alternative source for the Russian natural gas, especially for the European Union (EU).

Assist. Prof. Dr. Mehmet Direkli pointed out that a new natural gas reserve was found in Cyprus in 2011 and this was named as Aphrodite and the amount of natural gas present here was valued as 200 billion cubic meters. Direkli also stated that the other important reserves in this region are Israel's Tamar and Leviathan reserves and Egypt's Zohr reserve which is 850 billion cubic.

Assist. Prof. Dr. Mehmet Direkli stated that because of not being a party for 1982 Law of the Sea Contract, Turkey, which has the longest coast of the Eastern Mediterranean, is at an advantageous position against the Greek Cypriot administration which propounds prominent rules found in the contract of Exclusively Economic Territories. Direkli pointed out that Greek Cypriots pay particular attention to the gas that will be extracted especially in the recent period and he stated that directing it with a pipeline under the sea to Greece or liquidation it and marketing it to the EU market over Egypt is not effective in terms of profit. Direkli mentioned that natural gas that will be extracted in the region should be sent out to the EU countries over Turkey as the easiest and most profitable solution as it was proposed by the experts.

Mehmet Direkli stated that as a result of the bilateral agreements signed between Turkey and the TRNC, the rights of the Turkish Cypriots over resources in the island's territorial waters was ensured. Finally, he emphasized that the possibility of cooperation with Israel regarding the natural gas reserves in the Mediterranean should be evaluated.

Last updated: 05-07-2018