The dynamics captured in the ocean surface current data provided by satellite altimetry has been a subject of debate since the past decade. In particular, the contribution of surface and interior dynamics to altimetry remains unclear. One avenue to settling this issue is to compare the turbulence (for example, the nature of spectra and interscale fluxes) captured by altimetry to theories of two-dimensional, surface and interior quasigeostrophic turbulence. In this thesis, we focus on mesoscales (i.e., scales of the order of few hundred kms) that are well resolved by altimetry data. Aspects of two dimensional, three dimensional, geotropic and surface quasigeostrophic turbulence are revisited and compared with the observations. Specifically, we compute kinetic energy (KE) spectra and fluxes in five geographical regions (all over the globe) using 21 years of 0.25◦resolution daily data as provided by the AVISO project. We report a strong forward cascade of KE at small scales (accompanied by a spectral scaling of the form k−3) and a robust inverse cascade at larger scales. Further, we show that the small diver-gent part in horizontal velocity data drives the strong forward flux of KE. Indeed, on considering only the non-divergent part of the flow, in accord with incompressible two-dimensional turbulence, the inverse cascade is unaffected, but the forward transfer becomes very weak and the spectral slopes over this range of scales tend to a relatively steeper k−3.5scaling. We note that our results do not agree with interior first bar clinic mode quasigeostrophic (incorrect strength of forward flux) or surface-quasigeostrophic (incorrect spectral slopes) turbulence. Rather, the results are compatible with rotating shallow water and rotating stratified Boussinesq models in which condition of geostrophic balance is dominant but the divergence of horizontal velocity field is not exactly zero. Having seen the “mean” picture of fluxes and spectra from altimetry, in the second part of the thesis we investigate the variability of these entities. In particular, we employ Empirical Or-thogonal Function (EOF) analysis and focus on the variability in the spectral flux. Remarkably, over the entire globe, irrespective of the region under consideration, we see that the first two EOFs explain a large part of the variability in flux anomalies. The geometry of these modes is distinct, the first represents a single signed transfer across scales (i.e. large to small or small to large depending on the sign of the associated principal component), while the second is a mixed mode in that it exhibits a forward/inverse transfer at large/small scales.