By John Lee.
Following the arbitration ruling that has stopped oil exports from the Kurdistan Region of Iraq, the oil companies affected have issued statements to the markets on the situation.
Genel Energy, which has interests in the Tawke, Taq Taq and Sarta fields, said that public statements made by both the Federal Iraq Ministry of Oil in Baghdad and the Kurdistan Regional Government (KRG) lead it to believe the shut-in will be temporary. Genel said it continues to produce oil into storage facilities.
DNO, which operates the Tawke and Peshkabir sites, said it is diverting oil production from its operated Kurdistan fields to storage tanks.
Gulf Keystone Petroleum (GKP), which operates the Shaikan field, said its facilities have storage capacity that allow continued production at a curtailed rate over the coming days, after which it will suspend production. It expressed confidence that a resolution will be found.
ShaMaran Petroleum, which has interests in Sarsang and Atrush, also noted that discussions between officials of Iraq, Turkey and Kurdistan Region are underway in order to re-commence oil exports via the Iraq-Turkey pipeline as soon as arrangements can be mutually agreed.
(Source: Genel Energy, DNO, GKP, Shamaran)
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