STAVANGER, Norway Aug 26 The recent flare-up of
violence in Iraq is past its worst and Kuwait Energy is keen to
invest more in the country because of its potential, Chief
Executive Sara Akbar said on Tuesday.
Several oil companies in Iraq's Kurdistan region withdrew
staff earlier this month after Islamic State militants
approached Arbil, the region's capital, threatening its vast oil
"I think we've been through the worst and things will
stabilise," Akbar told Reuters on the sidelines of an oil
conference in Norway.
"Most of the developments in Iraq are on plan, especially in
the south, where most of the international oil companies are
still working, with field developments and exports going
normal," said Akbar, whose firm operates in the southern part of
the country and has been mostly unaffected.
Kurdish forces, assisted by U.S. air strikes, have pushed
back Islamic State fighters in recent weeks but some firms have
not returned to the country.
Oil producer DNO, which operates the Tawke field
near the Turkish border, recently said that some of its
contractors had left the country and it would have to rely on
local suppliers for future work, potentially slowing
Akbar said she was not deterred by the violence, arguing
that it was temporary and could not overshadow the country's
vast potential for relatively easy oil.
When asked it she would invest more, she said: "If we could
get into more projects, yes, I'd love to."
(Reporting by Balazs Koranyi; Editing by Louise Heavens and