Turkey expands its offshore drilling fleet while the lira falls

Turkey's Yavuz drilling ship has continually violated the Cypriot continental shelf.

Turkey is attaining a new drilling ship to search for natural gas in the Mediterranean and the Black Sea, the country’s president, disclosed Wednesday, amid unresolved tensions with Greece and Cyprus over Ankara’s offshore energy exploration.

President Recep Tayyip Erdogan told legislators from his ruling party that Turkey is expanding its drilling vessels to four, clarifying the new ship as a high-tech vessel.

Energy Minister Fatih Donmez said on Twitter that the ship would be capable of drilling at a depth of some 3,600 meters (11,800 feet).

Last year, Turkey’s offshore energy exploration efforts raised frictions with Greece and Cyprus. Warships from Greece and Turkey shadowed each other in the Aegean Sea after Turkish search vessels and drillships prospected for hydrocarbons in waters where Greece and Cyprus claim exclusive economic rights.

Ankara rejects those claims, saying they violate the rights of Turkey and Turkish Cypriots on the divided island of Cyprus.

Turkey has announced that it has found around 540 billion cubic meters of natural gas in the Black Sea. The government says it plans to extract and use the gas by 2023, reducing its dependence on energy imports.

Before announcing the new purchase, the Turkish lira suffered one of its worst falls of the year on Tuesday and hit new lows to cement its status as the year's worst-performing emerging market currency.