What ShaMaran Petroleum does

ShaMaran Petroleum Ltd. is an independent upstream oil and gas company focused on crude oil production from two adjacent blocks in the Kurdistan region of Iraq: the Atrush Block, in which it holds a 50% working interest (66.67% paying interest), and the Sarsang Block, in which it holds an 18% working interest (22.5% paying interest). The company transformed into a multi-field producer in 2022 through the acquisition of TEPKRI Sarsang A/S, and has since increased crude handling capacity at Atrush to 40,000 bopd through debottlenecking. HKN Energy Ltd. acts as the operator of both blocks, while ShaMaran participates through Production Sharing Contracts with the Kurdistan Regional Government. The company is part of the Lundin Group of companies, with Nemesia Holdings S.à.r.l. serving as a major shareholder.

The business model is straightforward upstream commodity production. ShaMaran generates revenue by selling crude oil produced from Atrush and Sarsang to international oil traders and refineries at international benchmark prices, with all exports flowing through the Iraq-Türkiye pipeline, which restarted on September 27, 2025. The shift to international pricing following the pipeline restart drove full-year 2025 revenue to $154.9 million, up 42% year-over-year, and Q4 2025 revenue to $54.7 million, up 57% year-over-year, with EBITDA of $99.1 million. The company repaid its $56.1 million corporate bond in 2025, exiting the period debt-free.

In March 2026, shareholders approved corporate continuance from British Columbia, Canada to Bermuda and relocation of the primary listing from the TSX Venture Exchange to Euronext Growth Oslo (under ticker SNM), with a secondary listing on Nasdaq First North Growth Market in Stockholm. In March 2026, production at both blocks was suspended following an explosion at the Sarsang processing facility and regional security concerns. The company employs 51–100 people, with corporate jurisdiction transitioning to Bermuda and operational headquarters remaining tied to the Kurdistan asset base.

Name

ShaMaran Petroleum

Legal name

ShaMaran Petroleum Ltd.

Website

https://shamaranpetroleum.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

ShaMaran Petroleum is an independent upstream oil and gas company producing crude from the Atrush and Sarsang blocks in the Kurdistan region of Iraq, exporting via the Iraq-Türkiye pipeline at international prices. It is part of the Lundin Group of companies.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Crude Petroleum Extraction (21112), Crude Petroleum Extraction (211120)

SIC

Crude Petroleum & Natural Gas (1311), Oil Royalty Traders (6792)

akta.pro primary industry

Retail Service Station Operations (Company-Owned & Dealer-Operated) (EUALAIAA)

akta.pro secondary industries

Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB), Crude Oil & Refined Products Trading & Marketing (EUAGAAAD)

Keywords

• Upstream oil production
• Crude oil exploration
• Petroleum development
• Oil and gas operations
• Hydrocarbon production

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain

Revenue model

1. Crude Oil Sales: Revenue generated from the sale of crude oil produced from the Atrush and Sarsang blocks in the Kurdistan region of Iraq. Oil is exported via the Iraq-Türkiye pipeline at international prices. The company saw significant revenue growth in 2025 (42% year-over-year to $154.9 million) following the restart of pipeline exports in September 2025.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

ShaMaran Petroleum Ltd. is an independent upstream oil and gas company that develops and produces crude oil from two adjacent blocks in the Kurdistan region of Iraq: the Atrush Block (50% working interest, 66.67% paying interest) and the Sarsang Block (18% working interest, 22.5% paying interest). The company sells its crude oil production at international prices to oil traders and refineries via the Iraq-Türkiye pipeline, generating revenue from oil sales through production sharing contracts with the Kurdistan Regional Government.

Product overview

ShaMaran Petroleum Ltd. is an independent oil and gas company focused on oil production from two adjacent blocks in the Kurdistan region of Iraq: the Atrush Block (50% working interest, 66.67% paying interest) and the Sarsang Block (18% working interest, 22.5% paying interest). The company transformed into a producer following its 2022 acquisition of TEPKRI Sarsang A/S, and generates robust cash flow from international oil sales through the Iraq-Türkiye pipeline.

Differentiator

Problem solved

Functional benefit

Products and services

• Atrush Block Oil production asset in the Kurdistan region of Iraq where ShaMaran holds a 50% working interest (66.67% paying interest). Crude handling capacity was increased to 40,000 bopd through debottlenecking. The block produces crude oil that is exported via the Iraq-Türkiye pipeline at international prices.
• Sarsang Block Oil production asset in the Kurdistan region of Iraq where ShaMaran holds an 18% working interest (22.5% paying interest). Operations at this block have been temporarily suspended following a March 2026 incident at the processing facility. The block was acquired as part of the 2022 acquisition of TEPKRI Sarsang A/S.

Quantifiable outcome

• Revenue increased 42% year-over-year to $154.9 million in 2025
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• HKN Energy Ltd.coreStrategic or Co-development PartnerHKN Energy Ltd. is the operator of both the Sarsang Block and Atrush Block in the Kurdistan region of Iraq. ShaMaran holds an 18% working interest in Sarsang and 50% working interest in Atrush. HKN manages day-to-day operations and notified ShaMaran of the March 2026 incident at the Sarsang processing facility.

Scale indicators6 records

Recent moves7 records

Expansion highlights3 records

Market position

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ShaMaran Petroleum