- Business
- ShaMaran Petroleum Corp. is a Canadian independent oil and gas exploration and production company focused on the Kurdistan region of Iraq. The company holds a 50% working interest (66.67% paying interest) in the Atrush Block production sharing contract and an 18% working interest (22.5% paying interest) in the adjacent Sarsang Block production sharing contract; Atrush production averages approximately 29 thousand barrels of oil per day gross field, while Sarsang contributes around 18 thousand barrels per day gross field, with company net production totaling roughly 18 thousand barrels per day. Operations encompass oil extraction, processing, local sales and international exports via the Iraq-Türkiye pipeline, targeting crude oil output under production sharing contracts with the Kurdistan Regional Government. ShaMaran, part of the Lundin Group of companies, was incorporated in 1991 and is headquartered in Vancouver, British Columbia. Recent developments include the September 2025 execution of interim agreements with the Kurdistan Regional Government, Government of Iraq and other international oil companies to restart exports through the Iraq-Türkiye pipeline on September 27 after over two years of closure, enabling sales at international prices with initial compensation at $16 per barrel pending reconciliation to full contractual entitlements; in August 2025, the company repaid a $10.6 million related-party loan to simplify its balance sheet; production faced temporary disruptions from July 2025 drone strikes on Sarsang facilities, with repairs completed ahead of schedule by September 20 and both blocks returning to full capacity.