The New Cyprus Controversy: Oil

Cyprus has at least several billion barrels of oil in offshore fields, although the exact amount is uncertain. The island has been divided into two parts since 1974, when Turkey intervened in a coup and Turkey protests attempts by Cyprus to make oil deals with neighboring nations such as Egypt or Lebanon or international oil firms. The United Nations maintains a buffer zone across Cyprus – one-third that is unrecognized internationally, but is home to Turkish Cypriots, and two-thirds that is controlled by the government, which belongs to the EU. The UN has offered plans for reunification, without success. An island divided could complicate any exploration or methods on distributing revenue. – YaleGlobal