International oil companies (IOCs) and the Kurdistan Regional Government (KRG) have been eager to send out a strong ‘business as usual’ message, as the immediate threat posed by Islamic State (ISIL) to territory under the KRG’s authority has receded. ISIL’s withdrawal from some key areas has allowed a significant number of IOCs and service companies to resume operations. Even so, stakeholders in Kurdistan’s emerging oil industry and wider economy cannot disguise the fact that the risk-reward balance may have permanently shifted.