Kurdish oil operations 'safe and secure'

Average output at 229,000 barrels of oil per day for June.
By Daniel J. Graeber   |   July 3, 2014 at 9:53 AM   |   Comments

LONDON, July 3 (UPI) -- Turkish energy company Genel Energy said Thursday its oil operations in the Kurdish region of northern Iraq are "safe and secure."

Genel said in a Thursday update on its operations in the Kurdish region of Iraq combined gross production from the Taq Taq and Tawke fields was 229,000 barrels of oil per day for June.

The company in March blamed a 2013 fire at the Taq Taq field and "pricing sensitivity in the domestic market" for earlier production shortfalls.

"Genel's operations in the Kurdistan Region of Iraq remain safe and secure," it said in its Thursday update.

Sunni insurgents declared an Islamic state in the region after taking control over key cities in northern Iraq last month. The semiautonomous Kurdish region has been shielded from most of the violence.

Genel said combined output from the two Kurdish oil fields has averaged 88,000 bpd for the first half of the year.

Kurdish oil was exported from the Turkish sea port of Ceyhan last month. The federal government in Iraq said the sales were illegal because they didn't have the consent from Baghdad.

"Proceeds from the first cargo, sold at international prices, have been paid into a bank account in Turkey controlled by the Kurdistan Regional Government," Genel's update said.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
Texas, N.D. oil push imports down
Scout attack helicopter demos firepower
Oil spill reported in North Dakota
Australia orders Supacat special operations vehicles
Only 1 in 5 insurers cover volcanic ash
Trending News