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While the Mediterranean Sea as a whole has been the center of oil and gas explorations, it is in the Eastern Mediterranean Sea that massive gas fields exist. “According to a 2010 study by the U.S. Geological Survey, the Eastern Mediterranean could hold as much as 122 trillion cubic feet of natural gas in total, equivalent to the reserves of Iraq.” However, the discovery of oil and natural gas in the region has reignited territorial conflicts between Turkey and Greece, both members of NATO.
Turkey has always believed that the treaties of Sèvres and Lausanne were not only humiliating but stripped the country of valuable territory, which is now very promising financially, economically and logistically. In addition to Turkey and Greece, the discovery of gas affects Cyprus, Lebanon, Israel, Syria, Jordan, Egypt and Libya. But for Turkey especially, it could be a means to leverage itself into a much stronger regional power.
In addition, Turkey believed that excluding it from the regional energy development talks in the Eastern Mediterranean was a slap in the face. As a result, both Turkey and Greece are boosting their military presence in the Eastern Mediterranean Sea.
BCOs (beneficial cargo owners) operating in this geopolitical climate should consider these long-term strategies:
- Rethink your supply chains by examining the geographical locations, financial and logistical strengths, weaknesses, agility and resiliency of your suppliers.
- Add two to three weeks to