Marc Grossman is a Vice Chairman of The Cohen Group, a Henry Kissinger Senior fellow at Yale University and a former US Ambassador to Turkey. Tom Miller is a member of the PSA Board of Directors, President of the International Executive Service Corps, a former US Ambassador to Greece, and US Special Cyprus Coordinator. This article originally ran May 31, 2013, in FuelFix (A Houston Chronicle Publication).
Aphrodite’s possibility: Everyone wins in the eastern Mediterranean
With the violence spilling over the border into Turkey in the form of car bombs, the crisis in Syria surely topped the agenda when President Obama met Turkish Prime Minister Recep Tayyip Erdogan last week.
We hope they also took a few minutes to discuss the opportunity to make progress on one of the world’s most intractable problems – the division of Cyprus — by harnessing the discovery of a natural gas field about 100 miles south of Cyprus called Aphrodite. Getting that gas to market could revive the Cypriot economy, enhance Turkey’s relations with Israel and lay the foundations to end Cyprus’ division, a requirement for Turkey’s long-sought membership in the European Union.
Because of the collapse of Cyprus’s banking sector, experts estimate its GDP could shrink by 15% this year and another 15% in 2014. The EU’s first bailout plan initially created more controversy than confidence; it will take years for Cyprus’s GDP recover.
The Aphrodite field could change the trajectory of that recovery. There are press reports that Houston-based Noble Energy, the company that found Aphrodite in 2011, estimates that the field contains 142 billion to 227 billion cubic meters of gas worth $45 billion at current prices. (more…)