Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you a link to reset your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you a link to reset password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Natural Gas

EU warns of 'watershed' moment with Turkey over gas exploration

Commodities | Energy | LNG | Natural Gas | Natural Gas (North American) | Oil | Crude Oil | Refined Products | Gasoline | Metals | Steel | Shipping | Tankers

Market Movers Americas, Sep 21-25: Flotilla of US crude heads toward China

LNG | Natural Gas | NGL

Platts LNG Alert

Capital Markets | Commodities | Energy | Electric Power | Electric Power Risk | Natural Gas | Banking | Infrastructure | Structured Finance

Global Power Markets Conference, 35th Annual

Electricity | Electric Power | Renewables | Natural Gas

Resilience, security must be top of the mind for energy transition to succeed: panelists

EU warns of 'watershed' moment with Turkey over gas exploration

Highlights

Borrell welcomes pause in seismic surveying

Ankara still committed to more work in East Med

EU leaders to hold special summit Sept. 24-25

London — EU foreign policy chief Josep Borrell warned Sept. 15 the bloc's relations with Turkey had reached a "watershed" moment over Ankara's continued exploration work in the East Mediterranean.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Borrell, speaking to the European Parliament, said the world would go "one side or the other depending on what is going to happen" in the coming days.

Turkey's state-owned TPAO has drilled a handful of wells offshore Cyprus in the past year, and a seismic vessel has spent the past month surveying a large area in disputed waters between Cyprus and the Greek island of Crete.

Turkey has hoped to replicate significant East Mediterranean discoveries such as Egypt's Zohr field, Israel's Leviathan and Tamar, and three discoveries offshore Cyprus.

"I have spent the last few months trying to facilitate de-escalation efforts," Borrell said. "But the least I can say is that more efforts are needed -- the softest way of saying that the situation has not been improving."

Turkey is also a key transit country for oil and gas supplies, being the route of a large part of the Southern Gas Corridor, designed to bring 10 Bcm a year of Azerbaijani gas to Southern Europe. The final part of corridor -- the TAP gas line to Italy -- is set to start up before the end of 2020.

Survey vessel

Borrell said he welcomed the latest move by Turkey to halt seismic exploration on what he called the "continental shelf of Greece" as a step in the right direction.

"It gives us some hope that it will lead to further steps towards dialog," he said.

However, Turkey has said its surveying vessel, the Oruc Reis, has returned to port only to restock, and there are plans to resume seismic work.

Speaking on Turkey's NTV news channel, foreign minister Mevlut Cavusoglu said the return of the Oruc Reis to port did not represent a step back by Ankara. The vessel had been at sea for a month and had only returned to port for resupplying and routine maintenance, he said.

Cavusoglu added he was happy to hold formal meetings with Greece to resolve the issue but stressed these should be held without preconditions. "If they insist on preconditions, we will make our preconditions," he said.

He reiterated the stance taken in comments posted on the Turkish foreign ministry website Sept. 15 following a conversation with US Secretary of State Mike Pompeo.

According to S&P Global Platts trade flow software cFlow, the Oruc Reis is currently in port at Antalya on Turkey's Mediterranean coast.

It returned to port on Sept. 14, having embarked on a monthlong seismic survey mission on Aug. 10, according to cFlow.

Turkey's Yavuz drillship remains in waters offshore Cyprus, in what the Cypriot government has assigned as Block 6.

EU summit

EU leaders are due to meet on Sept. 24-25 for a special summit to consider possible action against Turkey, with all options said to be on the table.

The EU already imposed sanctions on two TPAO officials in February as a result of what Brussels described as "unauthorized" drilling offshore Cyprus.

Commenting on the summit, Cavusoglu said he was not expecting the EU leaders to take any decision on formal sanctions against Turkey.

However, conceding that it was possible that some sanctions could be imposed against the Oruc Reis or its crew, he warned: "Would such a move make us give up? No, as before it would make us more resolute."

He also outlined Ankara's objectives in the East Mediterranean as: a fair and equitable delimitation of maritime boundaries, protection of its continental shelf rights, protection of Turkish Cypriots' equal rights over the island's offshore resources, and the creation of genuine, inclusive, fair and equitable offshore energy cooperation mechanisms in the East Mediterranean.

Borrell said the situation in the East Mediterranean required "urgent and collective engagement."

"Turkey has to refrain from taking unilateral actions," he said, adding this was a basic element to allow dialog to start.

"With the serious developments in the East Mediterranean and Turkish foreign policy actions in the region since last fall, things have become even more worrying and complex. As I said, this is a watershed moment in the history of our relations with Turkey," he said.