Despite KRG-focused Genel Energy’s production collapsing, the firm swung to profit in H1 2017. Reduced oil output means gas development is more important than ever.

The precipitous collapse in Taq Taq output has seen Genel’s only producing operated-field fall to barely 25% of the firm’s net output in the first half of the year. Strong output from the DNO-operated Tawke field and higher oil prices meant that Genel was still able to swing to a profit over the period. The...