Energy reserves add new twist to Cyprus talks
The negotiations over the future of Cyprus are linked to energy reserves in the Eastern Mediterranean.
Turkish and Greek Cypriot leaders resumed talks on Feb. 11, in a fresh effort to try and resolve the Cyprus problem of over 50 years' standing. These talks follow a hiatus of a year and a half, and are the result of a forceful intervention by Washington, which has taken the lead again in efforts to reunite the divided island.
Diplomats and analysts indicate that given current developments in the Middle East, a settlement on Cyprus will also contribute to stability in the Eastern Mediterranean, and argue this is one of the reasons behind the current US intervention. There also exists a much better atmosphere between Turkey and Greece today, with the two countries appearing to have put knee-jerk nationalism aside, which increases the prospect for a settlement to the Cyprus problem.
The discovery of vast natural gas and oil reserves in the Eastern Mediterranean has provided a new catalyst for peace and cooperation in the region. Diplomats say this is also driving efforts by Turkey and Israel to resolve their differences. Energy experts maintain that a Cyprus settlement, combined with normalized ties between Turkey and Israel, will turn the Eastern Mediterranean into a new and reliable source of energy for international markets.
According to Noble Energy, which is exploring off the southern coast of Cyprus, there is the potential for 3.7 billion barrels of oil and 200 billion cubic meters of natural gas in the block it has been surveying. These figures have yet to be confirmed, but the general understanding is that vast reserves are involved.
