Egypt work continues, RWE says

HAMBURG, Germany, Feb. 2 (UPI) -- German energy company RWE said its oil and natural gas production in Egypt continues despite ongoing political violence in the country.

Egyptian President Hosni Mubarak announced Tuesday that he wouldn't seek another term during elections later this year. His decision follows more than a week of anti-government protests across the country.

Oil prices topped $100 per barrel earlier in the week as concerns mounted over issues tied to key shipping lanes in the Suez Canal. Major oil companies and the International Energy Agency said, however, that there was no threat to oil supplies because of the political unrest.

RWE Dea Chief Executive Officer Thomas Rappuhn said in a statement that RWE was able to pull its international staff members out of the country but stressed oil and gas production in Egypt continues.

"RWE Dea's oil and gas production in Egypt continues and is under control," the company said in a statement. "The secure facilities are not located in the vicinity of any major cities."

Staff for RWE is made up of Egyptian and international workers. Employees who were evacuated to Germany will be able to carry out most of their duties from abroad, the company added.

"A possible return is subject to how conditions continue to unfold in Egypt," the company said.