COMPANIES For Genel Enerji, it has been a brutal reversal of fortune. In June, the Turkish exploration group was celebrating the start of exports from northern Iraq’s Taq Taq field, after a breakthrough in talks between Baghdad and the Kurdish authorities.
The flow of oil, promising a revenue stream to fund development of other fields, was the key to the merger with Heritage Oil, under which Genel would gain a London listing and a 50 per cent share in assets valued at up to $6bn (£3.6bn).
