Discovery of ‘game changing’ gas field off Cyprus could reshape regional geopolitics
- ‘Seismic data suggests enough has been found to continue exploration. Potentially there could be great reserves,’ said one expert
- If unlocked, deposits beneath seabed could radically reshape energy geopolitics and lessen Europe’s reliance on Russia for gas
Tensions between Cyprus and Turkey over energy could soon come to a head with ExxonMobil apparently poised to announce a significant natural gas find off the divided island’s southern coast.
After more than three months of deepwater exploration in the eastern Mediterranean, the US energy giant is expected to unveil findings this week in what is being described as a seminal moment in the race to tap potentially profitable underwater resources.
Charles Ellinas, a leading industry expert and former head of Cyprus’ national hydrocarbons company, said: “All the seismic data suggests that enough has been found to excite ExxonMobil to continue exploration. Potentially there could be great reserves.”
But stakes could not be higher in the region. Amid escalating friction over the potential offshore energy find, Turkey has declared it will dispatch its own drilling ships to the area, a year after deploying gunboats to stop the Italian company Eni exploring for offshore reserves at the behest of Greek Cypriots.
Last week Ankara warned that natural resources in the eastern Mediterranean and the Aegean, where tensions have also risen with Greece, remained “a strategic goal and national issue” for Turkey.