The diplomatic conflict over the Eastern Mediterranean issue began in the 2000s when it was mostly about legal and political issues. However, in the 2010s the Republic of Cyprus, Israel and Egypt explored vast natural gas resources, hence it became a geopolitical and geoeconomic issue. Estimates show that there is 125 trillion cubic feet of natural gas in the region. This amount makes up about 5% of the world’s gas resources and is a great asset for countries in the region. The issue escalated when international companies entered the field to explore gas resources, leading to an international geopolitical issue with an economic background. The issue that has complicated this problem is the long-running Cyprus conflict. The geopolitical importance of this issue is that it has very serious implications for the region. The first major issue is the strong opposition bloc including Greece, Egypt, Israel, the EU, the US, and even Russia against Turkey’s rights from these sources. The second issue is the European Union’s efforts to escape from dependence on Russia’s energy resources, relying on Eastern Mediterranean resources. The third issue is the fierce competition between the United States and Russia over the region. From the Turkish perspective, all parties to the conflict are trying to isolate Turkey and deprive it of its economic resources. However, Turkey has tried to get rid of this isolation in any possible way. Turkey’s latest move is to sign a maritime border agreement with Libya in November 2019 that appears to be affecting geopolitical equations. The question that arises is what is the main source of this competition? Is it geopolitical or geoeconomic? In this study, the authors seek to answer these questions using theories of international economics and geopolitics.