8th Aug 2014 08:47
LONDON (Alliance News) - Genel Energy PLC Friday said its operations in the Taq Taq and Tawke fields in the Kurdistan Region of Iraq have been unaffected by unrest in the region, with both fields producing around 230,000 barrels of oil per day this week combined.
The oil and gas explorer and producer said that in line with other operators in the region, it is taking "the prudent and precautionary step of withdrawing non-essential personnel from our non-producing assets in the region".
"We remain confident in the Kurdistan Regional Government's ability to maintain the territorial integrity of both the KRI and oil infrastructure." the company said.
Peer Afren PLC Friday said it had decided to temporarily suspend operations at the Barda Rash field in Kurdistan due to the heightened security tensions in the area, although it doesn't expect the move to have a significant impact on its cashflow. Its other field, Ain Sifni, is so far unaffected.
US President Barack Obama late Thursday authorised airstrikes against Islamist militants that have taken over swathes of territory in Iraq and Syria, and said it could act to prevent a possible "act of genocide" against displaced minority communities, although he ruled out the use of any US ground troops.
Islamic State militants have taken control of several Christian towns in northern Iraq, prompting up to 100,000 people to flee for Kurdish-held territory.
Kurdish forces, known as the Peshmerga, have been fighting the Islamic State advance in the north for months.
Genel Energy shares were down 1.6% at 804.00 pence Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Genel EnergyAFR.L