Turkey Libya Maritime Deal Ratified By Parliament

Libya's eastern parliament unanimously ratified the 2019 Turkey maritime deal on October 20, bringing both of Libya's rival governments behind a boundary running between Crete and Cyprus. According to Crude Oil Prices Today | OilPrice.com, Saddam Haftar's camp pushed out the speaker who had blocked the vote for years to win Turkish backing for a U.S.-brokered plan making him head of the Presidential Council.

Legal Basis and Regional Reactions

While oil companies are unlikely to drill in the contested waters immediately, Turkey now possesses a legal basis to challenge any project crossing the line. SETA flagged Greek exploration east of 26° longitude as the primary flashpoint. On October 26, Greek Foreign Minister George Gerapetritis read a joint statement in New York on behalf of Greece, Cyprus, Egypt, the UAE, Bahrain, and the EU, declaring the Benghazi vote raises serious concerns for regional security and stability.

Meanwhile, Egypt's Foreign Ministry called the ratification a clear infringement upon its sovereign rights within its exclusive economic zone and continental shelf. Ankara has offered to discuss the issue, while Egypt and Greece agreed to advance talks on extending their maritime boundary eastward toward Cyprus.

Key facts

• Libya's eastern parliament ratified the 2019 Turkey maritime deal on October 20.
• Both of Libya's rival governments now recognize a boundary running between Crete and Cyprus.
• Turkey holds a 40% stake in deepwater Block O7 through TPAO, with Repsol as operator.
• Greek Foreign Minister George Gerapetritis stated the vote raises serious concerns for regional security.