Turkey plans to drill 5 more wells off the coast of Cyprus in 2020

In 2020, Turkey will drill another five wells off the coast of Northern Cyprus in search of oil and gas. This is reported by NefteRynok.

The so-called Turkish Republic of Northern Cyprus has issued licenses for drilling on the Cyprus shelf to Fatih and Yavuz vessels. The republic is recognized only by Ankara.

Now exploration is already underway on the fourth site in the Eastern Mediterranean. 

In total, by 2023, Turkey plans to drill 26 wells in this region, with the expectation of detecting hydrocarbons in the territorial waters that officially belong to Cyprus.

Recall that the EU has prepared sanctions against Turkey for drilling offshore Cyprus, they will include a ban on travel to the EU for individuals and a freeze of banking assets for individuals and legal entities. Despite Europe’s position, Turkey has embarked on new drilling operations in the Cyprus area. Turkish Vice President Fuat Oktay said EU sanctions will not affect Turkey’s plans to explore fields in the Eastern Mediterranean.

Tags: gas, contracts, oil, hydrocarbon production, court, legislation, EU, energy market, gas production, oil production, Turkish Stream, drilling, Oil refinery plant, Gas processing plant, sanctions, foreign affairs

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