What is behind the Eastern Mediterranean oil and gas rush? | Counting the Cost

Tensions are rising as countries compete for control of oil and gas reserves in the Eastern Mediterranean.

On August 18, Turkey dispatched a drilling ship flanked by navy vessels to an area off the coast of Cyprus, deepening its disputes with Cyprus and Greece.

A war of words could spiral out of control as Greece and France send their warships to the contested region.

But carving up the riches of the Mediterranean could prove to be a costly mistake.

A Lebanese exploration well has come up dry, oil companies have delayed drilling and many nations are switching to renewables. Could this mean some countries miss out on the oil and gas bonanza?

Plus, does the crisis-hit World Trade Organization need a Brexiteer to run it?

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In This Story: Cyprus

Cyprus, officially called the Republic of Cyprus, is an island country in the Eastern Mediterranean.

The Republic of Cyprus is de facto partitioned into two main parts: the area under the effective control of the Republic, located in the south and west and comprising about 59% of the island’s area, and the north, administered by the Turkish Republic of Northern Cyprus, covering about 36% of the island’s area. Another nearly 4% of the island’s area is covered by a UN buffer zone.

The Sovereign Base Areas of Akrotiri and Dhekelia, remain under the UK’s control according to the London and Zürich Agreements.

The Republic of Cyprus has been a member of the Commonwealth since 1961 and joined the European Union on 1 May 2004.

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    France is a republic and the largest Western European nation. Through expansion and colonisation in the 17th and 18th centuries France became a great power and still retains territories around the world. It has a seat on the UN security council and is the world’s fourth most wealthy country with a high standard of living and strong cultural identity.

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    Greece is a country in southeastern Europe with thousands of islands throughout the Aegean and Ionian seas. Influential in ancient times, it’s often called the cradle of Western civilization. Athens, its capital, retains landmarks including the 5th-century B.C. Acropolis citadel with the Parthenon temple. Greece is also known for its beaches, from the black sands of Santorini to the party resorts of Mykonos.

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    The Mediterranean Sea is a sea connected to the Atlantic Ocean, surrounded by the Mediterranean Basin and almost completely enclosed by land: on the north by Southern Europe and Anatolia, on the south by North Africa, and on the east by the Levant.

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  • In This Story: Turkey

    Turkey, officially the Republic of Turkey, is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a smaller portion on the Balkan Peninsula in Southeastern Europe.

    Istanbul, which straddles Europe and Asia, is the country’s largest city, while Ankara is the capital. The majority of the population identifies as Turkish, around 20% identify as Kurdish.

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