Turkey has got a big treasure, Erdwan said – the whole picture will change
Turkey has got a huge stock of energy in the Black Sea. These reserves are probably of natural gas. Two people associated with the search operation of Turkey’s gas reserves have given this information to Bloomberg. The President of Turkey has also indicated about this.
Turkey’s President Ratchap Tayyip Erdwan has promised to deliver the good news to the countrymen on Friday. The President of Turkey has said that this good news will usher in a new era in the country. However, the dispute with the European Union has deepened as Erdwan continues to search for energy reserves in the disputed watershed of the Mediterranean Sea.
After the announcement by the President of Turkey, there was a surge in the currency lira of Turkey against the dollar. Shares of Turkey Petrol Refinery, AS (Tupras) and Petroleum Manufacturer Petkim Petrokimaya Holding also rose by 7.6 and 9.9 per cent.
Turkey’s Energy Minister Fatih Donmage said last month the drilling ship Fatih began digging in the Tuna-1 zone in the coastal area near Eragil, Turkey. Timothy Ash, a strategist at BlueBay Asset, wrote on Twitter, “Gas reserves have been discovered in the Black Sea before but on a limited scale.” Looking at Turkey’s $ 35-50 billion annual oil-gas import bill, if any large reserves are found, then the turkey’s fortunes may change.
Tuna-1 is about 150 km from the Turkish coastline and is close to the maritime borders of Bulgaria and Romania. This area is not far from the Neptun block of Romania. Neptoon Black is a huge gas reservoir discovered eight years ago in the Black Sea. According to the Turkish Navy’s website, Turkey’s drilling ship Fatih has been digging in Tuna-1 since July.
Romania is currently working on low depth gas reserves, while the huge reserves found 8 years ago are yet to be tapped. A company is also engaged in exploration work on the beaches of Romania, with a target of producing gas by 2021.
Christoph Merkel, managing director of Merkel Energy Consultancy, said, “I don’t think it is very surprising to get news of a store from there.” If Turkey thinks of exporting this gas, then Bulgaria, Ukraine and Greece will also take great interest in it.
This discovery of turkey has come at a time when its territorial dispute with Greece and Cyprus is going on in the eastern Mediterranean. In this area, Turkey has intensified the campaign on oil and gas reserves. France has also temporarily increased its military presence to curb turkey. German Chancellor Angela Merkel said on Wednesday that the European Union is worried about increased tension in the region.
Last week, Greece announced a maritime delimitation agreement with Egypt, after which Greece-Turkey talks in Germany’s mediation failed. Amidst these developments, Turkey has stepped up the drive to find oil-gas reserves in the Mediterranean again. Turkish President Erdwan said that he would not change his position due to pressure from the European Union.
Cyprus has the highest dispute with Turkey over claims on gas-oil reserves in the Mediterranean islands. The Republic of Cyprus is a member country of the European Union and holds official collateral on the entire island. However, Turkey occupied its northern part after a military campaign in 1974. The Turkish Republic of Northern Cyprus, with self-declared sovereignty, is recognized only by Turkey. No country in the world recognizes this. Northern Cyprus also asserts its claims on marine energy resources.
European Union leaders have decided to call an emergency meeting in September to discuss the situation in the eastern Mediterranean. At the video conference on Wednesday, prominent leaders of about 27 countries showed solidarity with Greece and Cyprus and protested against illegal mining activities in the area.
Actually, Turkey’s President Erdwan is trying to establish Turkey as a regional power. From the conflict in Syria, Libya to the attack in Iraq, Turkey, a member of NATO’s second-largest army, has interfered with its drones, war planes and tanks. Erdwan is also appealing to the Mediterranean countries to unite and settle their disputes.
Erdwan said on Wednesday that Turkey’s struggle in the Mediterranean is not about its rights but about its future. The Turkish Navy has said that it has begun military exercises in the northwest of Cyprus.
