Latest financial accounts of the company noted that it was in "bad conditions for the last three years".
The decline in oil prices minimized the revenues of the oil producing companies , which happened with Genel Energy that suffered, in addition, the decline in oil reserves of its main oilfield (Taq Taq oilfield) in the Kurdish region for the second time.
The decline in Taq Taq oilfield production was decreased by 37% in 2015 with an average of 50.000 b/d.
For all these reasons, the company adopted a new strategy to develop Kurdish natural gas, depending on a previous agreement between the Kurdish region and the Turkish government to export natural gas in 2017.
Source: Iraq TradeLink