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East Med gas shut in by politics and price
Turkey – the largest market for gas in the region with almost no maritime territory of its own under international law – is pushing ahead with its own East Mediterranean exploration programme in defiance of its neighbours. Intractable as this disagreement has become, it is matched by a separate commercial problem. These abundant resources have become too expensive to justify exploitation under current conditions. The countries and companies that currently hold title to the gas will not only have to deal with Ankara but must also find ways of producing it much more cheaply to find a market.
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