8th Sep 2014 07:48
LONDON (Alliance News) - Genel Energy PLC Monday said it would return to normal staffing levels in the Kurdistan region of Iraq after the security situation in the region showed a significant improvement.
The company had withdrawn non-essential personnel from non-producing assets as a temporary and precautionary measure following the turbulence in the region.
It said the decision to return staff to the region had been made following close monitoring of the situation and was made in consultation with the Kurdistan regional government, the UK Foreign and Commonwealth office and other authorities.
The group said production levels at the Taq Taq and Tawke sites had not been impacted by the withdrawal of the staff and had risen to record levels. It said combined production from Taq Taq and Takwe reached around 234,000 barrels of oil per day in the first week of September, with pipeline exports from the fields totalling an average of around 182,000 barrels per day.
Genel shares rose on the back of the news, up 2.5% to 873.00 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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