GENEL Energy, the oil group focused on the Kurdistan Region of Iraq (KRI), announced yesterday it would return workers to the area because the security situation has improved “significantly”.
The AIM-listed oil company, whose chief executive is former BP boss Tony Hayward, had withdrawn some non-essential personnel from the area, but staff levels would begin returning to normal now.
Genel, which is the largest oil producer in KRI, also revealed that its major Taq Taq and Tawke fields in the area had been “entirely unaffected”, with record combined production from the two fields of around 234,000 barrels per day since the start of September.
Analysts at VSA Capital said “We are pleased to understand that Genel’s two main fields Tawke and Taq Taq have not been affected by recent events, as KRI remains very much the core region for Genel’s operations. We see these recent developments as positive for the company, but we remain extremely cautious on the situation in Iraq.”