TURKEY TAKES ADVANTAGE OF CYPRUS DESPERATION
As the geopolitical game
over Mediterranean hydrocarbons heats up, TURKEY has suspended energy deals
with ITALY’S Eni over the company’s involvement in oil and gas exploration
offshore CYPRUS.
The timing is important. It comes
just days after CYPRUS secured a painful EU bailout package
and it considers extending April bidding for the next round of oil and
gas exploration licenses. Bidding is set to end on 26 May, but may be
prolonged, according to Bloomberg.
EXPLORE IN CYPRUS, GET KICKED OUT OF TURKEY
The extension of the deadline would
give CYPRUS more time to lure in additional investors, which it desperately
needs. TURKEY is hoping to send these potential investors a message: Explore in
CYPRUS, get kicked out of TURKEY.
CYPRUS is divided along
GREEK-CYPRIOT and ethnic TURKISH lines, with the GREEK CYPRIOTS controlling
two-thirds of the Mediterranean island nation. The GREEK-CYPRIOT Republic of
CYPRUS became an EU member in 2004, but TURKEY only recognizes the breakaway
north. TURKEY has warned CYPRUS against any unilateral move to explore for oil
and gas offshore CYPRUS, maintaining that TURKISH CYPRIOTS should have equal
rights to these resources.
TURKEY IS CONCERNED OF THE POSSIBILITY THAT NOBLE ENERGY
INC.’S ANNOUNCES BLOCK 12 AS COMMERCIAL VIABLE
Background
Information:
ENERGY
HOTSPOT: EASTERN MED
Eni is a key partner in three major
TURKISH pipeline projects. The suspension appears to be centered on the
Samsun-Ceyhan pipeline project, which will transport oil from RUSSIA and
KAZAKHSTAN to TURKEY.
It is unclear what will happen to
Eni’s involvement in two other pipelines, the RUSSIAN-led South Stream
and Blue Stream gas pipelines, which run through the Black Sea to deliver
RUSSIAN gas to TURKEY. Eni has a 20% share in the South Stream project, while
Gazprom holds a 50% share.
In January , Eni and its
partner—SOUTH KOREAN Kogas—signed an agreement to explore in the CYPRIOT part
of the explosively rich Levant Basin. Total, Eni and Kogas plan to conduct
seismic surveys later this year and drill their first wells in 2014.
What’s really irked Turkey is Noble
Energy Inc.’s (NBL) plans to start drilling
an appraisal well in June and the possibility that it could announce commercial
viability in its Block 12 before the end of this year. Noble thinks it’s block
holds a minimum of 7 trillion cubic feet of gas. This is the development to
watch closely, because commercial viability will be the tipping point for
Ankara.
STRATEGIC SHIFT: TURKEY & RUSSIA VERSUS CYPRUS & EU
In the meantime, RUSSIA missed its
chance to win a nice share in CYPRUS’ offshore exploration in return for a bailout package.
Cyprus wasn’t offering enough to make it worth RUSSIA’S while to anger TURKEY,
which it needs for its massive pipeline projects. So far, RUSSIA’S Gazprom has
steered clear of Cypriot waters.
What this comes down to is that a
choice has to be made between CYPRUS and TURKEY. The EU will stick with CYPRUS
for now, and RUSSIA will keep its pipeline plans secure in Turkey.
Via oilprice
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