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Extracting natural gas from the area in the Mediterranean that Turkey is now exploring can be expensive, if there are deposits at all, says Elin Akinci, an expert in the energy market.
– They have started going north into the other gas fields and have found very little, there have been more to the south. And it should be noted that it is relatively difficult to extract gas in this area, it is very expensive.
Facilitates self-reliance
Finding large reserves would facilitate self-sufficiency for countries that are otherwise dependent on imports, but there is no commercial profitability in gas extraction because prices are so low, says Elin Akinci.
– We have seen a fairly large field outside of Cyprus that has been frozen because you do not see profitability, but it is about the motivation you have to take the reserve. If you have your own support, you can bear that cost.
Turkey’s search for natural gas around the Greek island of Kastellorizo has sparked a territorial waters conflict with Greece. Kastellorizo is located 570 kilometers from the Greek mainland and two kilometers from the Turkish coast. Greece refers to international law to reclaim the water around the island, but this is rejected by Turkey.
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