In a statement, the Genel Energy Company, which extracts oil in the two oil fields of Tawaka and Fishabur in the Kurdistan Region, expressed disappointment over the level of crude oil production this year.

In a statement which addressed the company's investors, Genel Energy announced a decline in crude oil production in the two oilfields. Genel Energy has stressed that new wells need to be built in order to compensate for the decline in oil production, but “due to the continued economic crisis, the construction of new oil wells will not be possible. Therefore, the reduction in crude oil production in the Kurdish region is unavoidable.”

The London-based company warned that crude oil production in the two fields will drop from 115,000 barrels per day to 100,000 barrels per day and will decrease to 80,000 barrels per day if new wells are not built this year.

Genel Energy has stated that a sharp drop in oil prices and the lack of timely payment by the local Kurdish regional government to foreign companies in the region are the main reasons behind the reduction of crude oil production in the region in northern Iraq.

Reporter’s code: 50101