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ShaMaran Petroleum

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uuid00047p1

Namestring
ShaMaran Petroleum
Legal namestring
ShaMaran Petroleum Ltd.
Websiteurl
shamaranpetroleum.com
Company typeenum
Public
Founded yearint
1991
Descriptiontext

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.

Short descriptiontext

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.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersVancouver, Canada
HQ citystring
Vancouver
HQ countrystring
Canada
HQ regionstring
North America
Markets served

Serves global market

Offices3 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
upstream oil production, crude oil exploration, petroleum development, oil and gas operations, hydrocarbon production
Industry3 codes
1Retail Service Station Operations (Company-Owned & Dealer-Operated)
CodeEUALAIAAPrimaryYes
2Branded Fuels Wholesaling & Jobber Distribution
CodeEUALAIABPrimaryNo
3Crude Oil & Refined Products Trading & Marketing
CodeEUAGAAADPrimaryNo
NAICS code2 codes
  • Crude Petroleum Extraction21112
  • Crude Petroleum Extraction211120
SIC code2 codes
  • Crude Petroleum & Natural Gas1311
  • Oil Royalty Traders6792
Product category
Upstream Oil and Gas Production
No data
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Crude Oil Sales
TypeTransaction Fee
Description

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.

news.cision.com
Marketing channels3 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Operations, Infrastructure, Personnel, Supply Chain
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

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.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 2 values shown
  • Revenue increased 42% year-over-year to $154.9 million in 2025
+1 more record
Product overview1 text field

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.

Product and service2 records
1Atrush Block
CategoryUpstream Oil Production Asset
Description

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.

2Sarsang Block
CategoryUpstream Oil Production Asset
Description

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.

Scale indicator6 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
1HKN Energy Ltd.
Strategic tierCoreTypeStrategic or Co-development Partner
Description

HKN 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.

Recent move7 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight3 records

Each record includes

Type, Description

Market position
Competitive moat3 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature1 record

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles3 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries1 record

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds2 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

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

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

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

ShaMaran Petroleum

Upstream Oil and Gas Productionshamaranpetroleum.com

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.

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.

ShaMaran Petroleum firmographics

Firmographics
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

ShaMaran Petroleum industry classification

Industry
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

Where ShaMaran Petroleum is headquartered

Location

Headquarters

HQ city
Vancouver
HQ country
Canada
HQ region
North America

Offices3 records

Markets served

ShaMaran Petroleum business model

Business model
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

ShaMaran Petroleum product offering

Product offering

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

Companies that use ShaMaran Petroleum

Customer profile

Segments1 record

Ideal customer profiles1 record

ShaMaran Petroleum technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature1 record

ShaMaran Petroleum partnerships and signals

Strategic signal

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

ShaMaran Petroleum competitors and assessment

Company assessment

Market position

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

ShaMaran Petroleum financial estimates

Financial estimate

Revenue estimate

Valuation estimate

ShaMaran Petroleum leadership team

Management profile

Number of profiles

Profiles3 records

ShaMaran Petroleum subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

ShaMaran Petroleum funding detail

Funding detail

Funding overview

Funding rounds2 records

Investors

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

ShaMaran Petroleum M&A and investment

M&A and investment

M&A1 record

Investments

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

Frequently asked questions about ShaMaran Petroleum

What does ShaMaran Petroleum do?

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.

Is ShaMaran Petroleum a public or private company?

ShaMaran Petroleum is a public company. It is classified as public and is currently operating.

When was ShaMaran Petroleum founded?

ShaMaran Petroleum was founded in 1991. It employs 11 to 50 people.

Where is ShaMaran Petroleum based?

ShaMaran Petroleum is headquartered in Vancouver, Canada, in the North America region.

How does ShaMaran Petroleum make money?

One revenue line is on record: crude Oil Sales.

Does ShaMaran Petroleum have an API?

No public API is recorded for ShaMaran Petroleum.

What industry is ShaMaran Petroleum in?

ShaMaran Petroleum's product category is Upstream Oil and Gas Production. Its primary akta.pro industry code is EUALAIAA, Retail Service Station Operations (Company-Owned & Dealer-Operated), with a secondary code of EUALAIAB, Branded Fuels Wholesaling & Jobber Distribution. Its NAICS code is 21112 and its SIC code is 1311.

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Live signals
Simply Wall StShaMaran Petroleum (OB:SNM) Stock Confronts Falling Output Despite ProfitsShaMaran Petroleum reported Q2 2026 net income of US$8.8 million on revenue of US$17.8 million, with basic EPS more than doubling to US$0.00385 versus the prior year period. However, total oil equivalent production fell 44.3% to 0.595 MMboe and revenue nearly halved year-over-year, reflecting significant operational pressures in the company's Kurdistan operations. The stock closed at NOK1.25 with a 5.3% share price decline over the trailing 30 days, as investors weigh a low 7.5x trailing P/E against falling output and revenue.Argus MediaNigeria eyes $30bn offshore oil, gas investment by 2030The article reports that Venezuela's crude production reached 1.221 million barrels per day in July, a 3% dip from June despite a year-on-year increase, as the country deals with post-earthquake infrastructure issues and power rationing warnings. It also details operational disruptions in Iraqi Kurdistan, where insecurity linked to the US-Iran war forced Shamaran Petroleum and HKN Energy to shut oil fields, reducing supply through the Iraq-Turkey Pipeline.AffarsvarldenShamaran halverar omsättning och rörelsevinstOlje- och gasbolaget Shamaran rapporterade en halvering av omsättning och rörelsevinst under det andra kvartalet, främst orsakad av produktionsstopp. Produktionen minskade med 97 procent till 1 900 fat per dag jämfört med samma period föregående år.AInvestShamaran Petroleum Ltd Q2 cash flow from operations USD 2.209 millionShaMaran Petroleum Corp reported cash flow from operations of $15.8 million for Q2 2024, a significant turnaround from negative $0.7 million in Q2 2023, driven by higher oil production in the Kurdistan region. The company's combined average gross daily oil production reached 54,800 barrels of oil per day in Q2 2024, up from 18,000 bopd in the same period the previous year, while revenue from local sales totaled $22.6 million. ShaMaran also achieved free cash flow before debt service of $16.8 million and extended its 2025 bond maturity to July 2027, providing additional financial flexibility.AInvestShamaran reports second quarter 2026 resultsShamaran reported its second-quarter results for 2026. The article does not provide specific details about the financial performance or significant implications of these results. Additional context about market reaction or future outlook is not present in the article.AInvestShamaran Petroleum Ltd Q2 EBITDAX USD 11.03 millionShaMaran Petroleum Corp. reported Adjusted EBITDAX of $24.9 million for Q2 2025, a 59% increase year-over-year, driven by higher local oil sales and increased production from its Atrush Block interest, with daily output rising 88% to 22.7 Mbopd. The company also made significant progress on deleveraging, reducing net debt by nearly 50% to $87.2 million through bond and loan repayments during the quarter. However, a suspected drone strike at the Sarsang Block in July 2025 caused temporary production disruptions, while the ongoing closure of the Iraq-Türkiye pipeline since March 2023 continues to redirect all sales to the local market.Dagens industriLundin-ägda bolagets omsättning rasar: ”Iran-kriget påverkar”Energy company Shamaran, with Lundin-sphere as its largest owner, reported halved revenue year-over-year despite surging oil prices, with CEO Garrett Soden attributing the decline to the ongoing Iran war. The Iraqi Kurdistan-based oil company continues to be significantly impacted by regional conflict, contradicting what would otherwise be favourable market conditions.PR NewswireShaMaran Reports Second Quarter 2026 ResultsShaMaran reported Q2 2026 revenue of $17.8 million, down 50% year-over-year, due to production shut-ins from the Iran war. Oil sales averaged $84.23 per barrel, 154% higher than the prior year, while net cash flow fell 92% to $2.2 million. The company remains shut-in as of August 5, 2026.Dagens industriShamaran pausar produktionOil and gas company Shamaran Petroleum has temporarily halted production and pipeline exports at the Atrush and Sarsang fields in Iraqi Kurdistan following a deterioration in the security situation in the region. The shutdown affects operations at both fields owned by the company. The pause remains in effect until the security conditions improve, with no timeline given for resumption.MarketScreenerShaMaran Petroleum Shuts Operations at Iraqi Fields Amid Regional TensionsShaMaran Petroleum has suspended operations at its oil fields in Iraq due to escalating regional tensions. This shutdown represents a significant operational disruption for the company amidst broader geopolitical instability affecting energy markets in the Middle East.