August 9, 2014 / 8:37 AM / 3 years ago

Abu Dhabi's TAQA suspends activity in Kurdistan block due to instability- statement

DUBAI, Aug 9 (Reuters) - Abu Dhabi National Energy Co (TAQA) , the state-owned oil explorer and power supplier, has suspended its activity at the Atrush Block in Kurdistan due to the instability in the region, a company statement said on Saturday.

“As a result of recent developments and escalating instability around the Kurdistan Region of Iraq, TAQA has suspended operations at the Atrush Block and, as a precautionary measure, significantly reduced staffing levels,” the statement said.

The Taqa-operated Atrush Block is located 85 km northwest of Arbil, Iraq’s Kurdish capital, is expected to initially produce approximately 30,000 barrels of oil per day (bpd) with first oil expected by early 2015.

The company said it remained committed to oil and gas exploration of the field and still expected production to start by 2015.

On Friday, U.S. warplanes bombed Islamist fighters marching on Arbil after President Barack Obama said Washington must act to prevent “genocide”.

Reporting by Amena Bakr; Editing by Alison Williams

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