ShaMaran Petroleum

ShaMaran Petroleum Ltd. is an international upstream oil and gas company headquartered in Hamilton, Bermuda. Its business is concentrated in the Kurdistan Region of Iraq, where it holds non-operated working interests in the Atrush and Sarsang production-sharing contract areas. Rather than operating the fields itself, ShaMaran participates as a working-interest partner while field operations are conducted by HKN Energy Ltd., a privately held company headquartered in Dallas, Texas. The company’s principal asset is the Atrush Block. ShaMaran holds a 50 percent working interest in the block, corresponding to a 66.67 percent paying interest under the relevant contractual arrangements. The Atrush oil field was discovered in 2011 and began production in 2017. The field forms one of the central pillars of ShaMaran’s production portfolio and gives the company exposure to Kurdistan’s developing petroleum infrastructure and export framework. ShaMaran’s second major asset is the Sarsang Block, in which it holds an 18 percent working interest and a 22.5 percent paying interest. Discoveries in the Sarsang area date to 2011, while production began in 2014. The Atrush and Sarsang blocks are adjacent and are both operated by HKN Energy, creating a geographically focused portfolio rather than a widely diversified international asset base. According to the referenced company overview, gross production in 2025 averaged approximately 32,500 barrels of oil per day at Atrush and approximately 25,900 barrels of oil per day across the Sarsang fields. These figures are gross block production volumes, not necessarily ShaMaran’s net entitlement. The distinction between working interest, paying interest, and gross production is important when assessing the company’s operational scale and financial exposure. ShaMaran is part of the Lundin Group of companies, a collection of independent, publicly traded natural-resource businesses associated with the Lundin family as a major shareholder. The company’s securities trade under the symbol SNM on Euronext Growth Oslo in Norway and on Nasdaq First North Growth Market Sweden. Its corporate identity is therefore that of a publicly listed upstream resource company rather than a consumer-facing petroleum brand. The company’s strategic profile is defined by concentrated participation in producing Iraqi Kurdistan oil assets, reliance on a third-party operator, and exposure to the region’s political, contractual, infrastructure, payment, and export conditions. The available reference material does not establish a broader downstream, refining, retail-fuel, renewable-energy, or consumer-products business. It also does not provide sufficient information to identify a founding year, founder, current executives, corporate website, or detailed present ownership structure beyond the company’s association with the Lundin Group.

ShaMaran Petroleum Ltd. is a Bermuda-headquartered upstream oil and gas company whose activities are concentrated in the Kurdistan Region of Iraq. The company operates as a non-operated participant in production-sharing contract areas, meaning that it owns contractual interests in petroleum projects but does not serve as the field operator. Its principal operator is HKN Energy Ltd., a private company based in Dallas, Texas. ShaMaran’s asset base developed around two adjacent Kurdistan blocks: Atrush and Sarsang. The Sarsang fields were discovered in 2011 and entered production in 2014. ShaMaran holds an 18 percent working interest in the Sarsang Block, described in the reference material as a 22.5 percent paying interest. The paying-interest figure reflects the company’s contractual share of certain expenditures and is not identical to its headline working interest. The Atrush Block was also discovered in 2011. Commercial oil production began there in 2017, making Atrush a later-producing asset than Sarsang and an important component of ShaMaran’s producing portfolio. ShaMaran holds a 50 percent working interest in Atrush, equivalent to a 66.67 percent paying interest under the applicable arrangements. Both blocks are operated by HKN Energy, giving ShaMaran a portfolio with a strong geographic and operational connection. The company’s public-market profile is tied to the Lundin Group of companies, a network of independent publicly traded natural-resource businesses associated with the Lundin family as a major shareholder. ShaMaran’s shares are listed on Euronext Growth Oslo in Norway and Nasdaq First North Growth Market Sweden under the ticker SNM. The available reference does not establish the company’s original founding date, founder, or a detailed chronology of corporate transactions and leadership appointments. By 2025, the referenced overview reported average gross production of approximately 32,500 barrels of oil per day from Atrush and approximately 25,900 barrels per day from Sarsang. These are gross block-level volumes. They should not be interpreted automatically as ShaMaran’s net production, because the company’s economic entitlement depends on its working interests, paying interests, contractual terms, and any applicable deductions or arrangements. ShaMaran’s history and business model therefore reflect a focused upstream strategy: participate in producing oil assets in Iraqi Kurdistan, maintain exposure through contractual interests rather than direct operatorship, and access public capital markets in Scandinavia. The company’s profile also implies regional concentration risk, including dependence on local production infrastructure, export arrangements, payments, regulatory conditions, and the political and security environment. The supplied reference material does not document downstream refining, fuel retail, petrochemicals, consumer products, major environmental controversies, litigation, acquisitions, or executive biographies. Those areas remain undocumented in this dossier rather than being inferred.

• 2025

  Reported production levels for the two blocks

  [1]ShaMaran Petroleumen.wikipedia.org

  The referenced overview reported average gross production of 32,500 barrels per day at Atrush and 25,900 barrels per day at Sarsang.

• 2017

  Atrush production starts

  [1]ShaMaran Petroleumen.wikipedia.org

  Oil production began at the Atrush field.

• 2014

  Sarsang production starts

  [1]ShaMaran Petroleumen.wikipedia.org

  Oil production began at the Sarsang fields.

• 2011

  Discovery of the Sarsang fields

  [1]ShaMaran Petroleumen.wikipedia.org

  The Sarsang fields in the Kurdistan Region of Iraq were discovered.

• 2011

  Discovery of the Atrush field

  [1]ShaMaran Petroleumen.wikipedia.org

  The Atrush oil field was discovered in the Kurdistan Region of Iraq.

A publicly listed, Kurdistan-focused upstream oil and gas participant with non-operated interests in producing production-sharing contract areas.

• Oil production-sharing contract interest · 2017

  Atrush Block

  Atrush is one of ShaMaran Petroleum’s two principal producing interests in Iraqi Kurdistan. The company holds a 50 percent working interest, described as a 66.67 percent paying interest. The field was discovered in 2011 and began producing oil in 2017. HKN Energy operates the block. The referenced overview reports average gross production of approximately 32,500 barrels of oil per day in 2025; this is a block-level figure rather than a statement of ShaMaran’s net entitlement.

• Oil production-sharing contract interest · 2014

  Sarsang Block

  Sarsang is an adjacent producing block in the Kurdistan Region of Iraq. ShaMaran holds an 18 percent working interest and a 22.5 percent paying interest. The fields were discovered in 2011 and began oil production in 2014. HKN Energy is the operator. The referenced overview reports average gross production of approximately 25,900 barrels of oil per day in 2025, a gross field figure that does not represent ShaMaran’s direct net production.

1. 1ShaMaran Petroleumen.wikipedia.org