HKN Energy

What HKN Energy does

HKN Energy is a privately-held, independent upstream oil and gas company founded in 2007, headquartered in Erbil in the Kurdistan Region of Iraq, and incorporated as HKN Energy Ltd. in the Cayman Islands. The company operates two production blocks under production sharing contracts (PSCs) with the Kurdistan Regional Government: the 420 km² Sarsang Block, held under a 62% participating interest with operator status since November 2007, and the 269 km² Atrush Block, held under a 25% participating interest with operator status since August 2024. Across these two blocks, HKN produces Triassic oil (36-39 API) from the Swara Tika and East Swara Tika fields and Jurassic oil (24-27 API) from the Atrush field, with combined facility capacity exceeding 105,000 BOPD and cumulative production of approximately 140 million barrels. Crude is exported via the Iraq-Türkiye pipeline to international markets.

HKN's revenue is generated through oil production and sales under its PSC arrangements, with realized prices determined by international crude benchmarks and net economics governed by PSC cost-recovery and profit-oil splits with the KRG (which holds carried interests of 20% in Sarsang and 25% in Atrush). The customer base is structurally narrow — the KRG is the contractual counterparty for both blocks, and ShaMaran Petroleum is the principal joint-venture partner (18% Sarsang, 50% Atrush). The company is pursuing geographic and asset diversification through a Heads of Agreement with Iraq's Ministry of Oil for the Hamrin Field (July 2025), non-binding agreements and an LOI with Venezuela's PDVSA brokered by the Trump administration (May-June 2026), and participation in Syria-focused energy forums.

Recent operational context includes a reported April 2026 explosion at the Sarsang facility and shutdowns at both Sarsang and Atrush as a precaution amid regional conflict involving Iran, introducing material near-term production uncertainty. Management is led by CEO Russell Freeman (former COO/CFO of Perot Systems), President Mark Rollins, CFO Steve Berger (former PwC partner), and VP of Government Affairs Matthew Zais (former U.S. Department of Energy and National Security Council official) — a leadership team that combines upstream operating experience with U.S. government affairs capability.

Name

HKN Energy

Legal name

HKN Energy Ltd.

Website

https://hknenergy.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

HKN Energy is a privately-held independent oil and gas operator producing Triassic and Jurassic crude from the Sarsang and Atrush blocks in the Kurdistan Region of Iraq under production sharing contracts with the KRG, while pursuing expansion into federal Iraq, Venezuela, and Syria.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (211120)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

Keywords

• Upstream oil production
• Crude oil exploration
• Production sharing contracts
• Oil field development
• Reservoir extraction services

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Others

Revenue model

1. Oil Production and Sales: Revenue generated from production sharing contracts (PSC) in the Kurdistan Region of Iraq. HKN sells crude oil produced from Sarsang and Atrush blocks through the Iraq-Türkiye pipeline exports.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

HKN Energy is a privately held, independent oil and gas operator and producer focused on upstream exploration and production in the Kurdistan Region of Iraq. The company operates the 420 km² Sarsang Block (62% PSC interest) and the 269 km² Atrush Block (25% PSC interest), producing crude oil from Triassic reservoirs at Swara Tika and East Swara Tika fields and from Late Jurassic reservoirs at the Atrush field. Crude oil is exported to international markets via the Iraq-Türkiye pipeline under production sharing contracts with the Kurdistan Regional Government.

Product overview

HKN Energy is a privately held independent energy company focused on oil exploration and production in the Kurdistan Region of Iraq. The company operates two production blocks: the Sarsang Block (62% PSC interest) and the Atrush Block (25% PSC interest), which together encompass three producing fields—Swara Tika, East Swara Tika, and Atrush—with combined facility capacity exceeding 105,000 BOPD. HKN serves as operator for both blocks and holds the majority interest in Sarsang, while ShaMaran Petroleum holds majority interest in Atrush. The company also holds working interests in the Atrush Block partner ShaMaran Petroleum (18% in Sarsang, 50% in Atrush). The portfolio consists of Triassic oil (36-39 API) from the Sarsang fields and Jurassic oil (24-27 API) from the Atrush field. HKN is expanding through the Hamrin Field development agreement with Iraq's Ministry of Oil and has pursued international diversification including letters of intent for Venezuela oil projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Sarsang Block Oil exploration and production block in the Kurdistan Region of Iraq spanning 420 km² with two producing fields (Swara Tika and East Swara Tika) containing Triassic oil reservoirs (36-39 API). HKN holds a 62% PSC interest and serves as operator under a PSC with the Kurdistan Regional Government, which holds a 20% carried interest, and partner ShaMaran Petroleum holding 18%.
• Atrush Block Oil production block in the Kurdistan Region of Iraq spanning 269 km² containing the Atrush field with Late Jurassic oil reservoirs (24-27 API). HKN holds a 25% PSC interest and operates the block; ShaMaran Petroleum holds the 50% majority interest and the KRG holds a 25% carried interest.
• Hamrin Field Development Planned oil field development project in Iraq under a Heads of Agreement between HKN Energy and Iraq's Ministry of Oil, with finalized technical terms for development of the Hamrin oil field.

Quantifiable outcome

• $1.22B cumulative economic impact in KRI
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered minor and core.

• PDVSA (Venezuela's state oil company)minorStrategic or Co-development Partner · 19 June 2026HKN Energy signed a letter of intent for oil projects in Venezuela alongside other US independents. The Trump administration facilitated engagement with PDVSA by amending Treasury General Licenses to allow dispute resolution in Western jurisdictions.
• Hunt OilminorStrategic or Co-development Partner · 11 May 2026HKN Energy joined Hunt Oil and Crossover Energy in signing non-binding agreements with Venezuela during a visit to Caracas facilitated by National Energy Dominance Council Executive Director Jarrod Agen. The deals followed Treasury Department authorization for companies to negotiate following years of sanctions.
• Crossover EnergyminorStrategic or Co-development Partner · 11 May 2026HKN Energy joined Hunt Oil and Crossover Energy in signing non-binding agreements with Venezuela during a visit to Caracas facilitated by the Trump administration. The three independent US oil producers signed agreements for Venezuelan oil projects.
• ShaMaran PetroleumcoreStrategic or Co-development PartnerShaMaran Petroleum holds an 18% PSC interest in the Sarsang Block and a 50% majority PSC interest in the Atrush Block. ShaMaran was informed by HKN Energy of the April 1, 2026 explosion at the Sarsang facility. The companies work jointly as operators of the respective blocks under production sharing arrangements with the KRG.
• Kurdistan Regional Government (KRG)coreStrategic or Co-development PartnerThe KRG holds a 20% carried interest in the Sarsang Block and a 25% carried interest in the Atrush Block. HKN operates under production sharing contracts (PSC) awarded by the KRG, which formally approved HKN Energy's commercial development plans.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about HKN Energy