Petroceltic suspends Iraqi operations

Petroceltic International, the independent oil and gas exploration and production company, has suspended operations in the Kurdistan region of Iraq as a “precautionary measure” and will evacuate non-essential personnel.

The company, which has focused its operations on the Middle East, North Africa, Mediterranean and Black Sea regions, said this morning that while developments in the region have not yet directly impacted its exploration activities, it has decided, in line with other operators in the region, “to temporarily secure and suspend operations (including the drilling of Shireen-1 exploration well in the Dinarta licence) and to evacuate non-essential personnel”.

London-listed Afren and Toronto-listed Oryx said on Friday they were cutting production at oilfields closest to the fighting. Genel, led by ex-BP CEO Tony Hayward and one of the biggest producers in Iraqi Kurdistan, said it was withdrawing “non-essential” workers but maintaining the combined 230,000 barrel per day output from its large Taq Taq and Tawke fields.

Marathon Oil Corp also said on Friday it was evacuating personnel from the region and all were safe.

(Additional reporting Reuters)