Genel's oil fields safe and secured despite tensions in Kurdistan

8th Aug 2014 15:34

Genel Energy said on Friday its Taq Taq and Tawke fields in the Iraqi region of Kurdistan remain safe and secure despite regional tensions.The oil and gas exploration company decided, however, to evacuate non-essential staff from the region.Taq Taq and Tawke fields have been producing an average of 230,000 barrels per day this week.Several oil companies operating in Kurdistan including Genel Energy saw severe declines in their share prices as the radical Sunni militants increasingly gain territory in the Iraq and Syria.US President Barak Obama authorised on Friday air strikes against the Islamist State (IS) fighters, who have been targeting religious minorities in northern Iraq since June.Genel's statement said: "We remain confident in the Kurdistan Regional Government's ability to maintain the territorial integrity of both the KRI and oil infrastructure."Shares were down 2.26% to 798.5p on Friday at 14:23.JF