With a memorandum of understanding inked on Nov. 27, Turkish government and the UN-recognized government of Libya stand firm in protecting their sovereignty, diplomatic and economic rights in the Eastern Mediterranean.

The agreement is going to have a direct impact in the region, where tension has been high in recent years following the discovery of tremendous hydrocarbon reserves worth hundreds of billions of dollars and unilateral actions of some regional countries, violating rights of Turkey and Libya.

The Levant basin holds a reserve of some 1.7 billion barrels of oil and 3.45 trillion cubic meters of natural gas, according

Read more: Turkish-Libyan maritime pact a game changer in E.Med