Petroceltic Halts Operations in Iraq’s Kurdistan Region

Petroceltic and its partner Hess Middle East New Ventures decided to mothball operations in the Kurdistan Region of Iraq.

‘It has been decided, as a precautionary measure, to temporarily secure and suspend operations (including the drilling of Shireen-1 exploration well in the Dinarta licence) and to evacuate non-essential personnel,’ the company wrote on Monday.  

The Ireland-based company follows similar announcements on suspensions of production in the region on fears of spreading violence. The companies are retreating while the Islamic State militants are progressing.

According to the company, their developments in the area have not impacted their exploration activities to date.

Petroceltic did not mention the repercussions on financial performance of the company. The company is also experiencing some complexities in Romania.