ShaMaran Petroleum Corp. Announces Resumption of Oil Exports from Kurdistan Region of Iraq

Strategic Insights -

Canadian independent oil and gas company ShaMaran Petroleum Corp. has announced that interim agreements have been executed between the Kurdistan Regional Government, Government of Iraq, and several International Oil Companies, including ShaMaran, to resume oil exports from the Kurdistan Region of Iraq. This development is expected to enable the restart of international oil exports by pipeline from the region within a matter of days.

Key Takeaways:

  • ShaMaran Petroleum Corp. has executed interim agreements with the Kurdistan Regional Government and several International Oil Companies to resume oil exports from the Kurdistan Region of Iraq.
  • The agreements are based on the Iraqi Budget Law amendment in February 2025 and Iraq's recognition of the KRI Production Sharing Contracts (PSCs).
  • The Budget Law provides for an initial period of approximately three months during which IOCs will be compensated at US$16 per barrel for the cost of production and transportation.
  • Production at the Sarsang Block has returned to full capacity nearly one month ahead of schedule.
  • The Atrush Block is currently producing approximately 35,000 barrels of oil per day (bopd), and the Sarsang Block is producing over 30,000 bopd.
  • ShaMaran holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block.
  • The Company is listed on the TSX Venture Exchange and Nasdaq First North Growth Market.

Statistics:

  • US$16 per barrel for the cost of production and transportation (initial period)
  • 35,000 barrels of oil per day (bopd) at the Atrush Block
  • 30,000 bopd at the Sarsang Block
  • 50% working interest in the Atrush Block
  • 18% working interest in the Sarsang Block

Sources:

  • Canadian NewsWire (Sep 25, 2025)
  • ShaMaran Petroleum Corp. Annual Information Form (Dec 31, 2024)
  • Company's MD&A and other reports on file with the Canadian Securities Regulatory Authorities
  • TSX Venture Exchange and its Regulation Services Provider
  • ShaMaran Petroleum Corp. Press Release (Sep 25, 2025)