11th Aug 2014 08:36
LONDON (Alliance News) - Petroceltic International PLC Monday said it will temporarily secure and suspend operations in the Kurdistan region of Iraq owing to the fighting in the region.
The oil and gas explorer said it, along with its partner in the area Hess Middle East New Ventures, will temporarily secure and suspend its operations, including the Shireen-1 exploration well in Dinarta, and will evacuate non-essential personnel.
It said the move has been made as a precautionary measure and added developments in the region have not had any impact on its exploration activities to date.
The move comes on the back of other evacuations and interruptions of production for oil companies operations in Iraq. Afren PLC last week said it has suspended operations at the Barda Rash field in Kurdistan owing to the worsening security situation, while Genel Energy PLC also said it was evacuating some personnel from the area. US oil giants Exxon Mobil Corp and Chevron Corpn have made similar moves.
The security situation in Kurdistan deteriorated sharply last week after the Islamic State militant group pushed into territory held by the region's Peshmerga security force, raising serious concerns about the safety of the area.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Genel EnergyPCI.LAFR.L