Bob Dudley, chief executive of oil major BP, moved to reassure investors and industry-watchers that the company's Iraq assets are safe.
Speaking at the World Petroleum Congress (WPC) in Moscow, Dudley told CNBC that BP's operations are located in the south of the country, with reports that Islamist militants are currently leading insurgencies in the north.
"Production's being increased in response to request by the government. It's a long way. We're of course very vigilant," he said.
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"We have removed non-essential production staff out of there. We continue to operate. We haven't missed a beat so far."
Concerns over Iraq have tipped stock markets into negative territory and have caused the price of oil to tick higher in recent days. Militants from the Islamic State of Iraq and the Levant took control of another town on Monday, Saqlaqiya, west of Baghdad, with the help of allied Sunni tribesmen. Government army officials also reported fighting south of the capital city.
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The U.S. is reportedly considering air strikes to support the Iraqi army forces. It has ruled out any coordinated military action with Iran but U.S. and Iranian officials have held talks to stabilize the region, according to Reuters.
Dudley added that the government officials that BP are dealing with appear to be very much in control of the oil in the area.
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