ShaMaran Petroleum Ltd
ShaMaran Petroleum Corp. is a Canadian-incorporated oil and gas company focused on exploration and production in the Kurdistan Region of Iraq. Through its subsidiaries and joint arrangements, it develops and produces crude oil from operated and non-operated assets and markets output through regional export and domestic channels.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueUpstream oil and gas activities including appraisal, drilling, and reserve development.
Customers
ShaMaran sells crude oil into regional markets rather than to end consumers, so its customers are mainly oil purchasers, traders, and offtakers in the Kurdistan and broader export system. Demand is driven by refinery and trading needs, while realized pricing depends on whether barrels are sold locally or through export infrastructure. The company also depends on counterparties involved in transportation, lifting, and settlement of oil sales.
Local purchasers in the Kurdistan market that buy crude when export routes are constrained.
Buyers of exported crude linked to the Iraq-Türkiye pipeline and regional export channels.
Trading counterparties that aggregate, market, or resell crude volumes.
Transport, lifting, and settlement partners that enable delivery and monetization of production.
Strategy
ShaMaran’s strategy centers on maintaining production readiness at its Kurdistan assets, preserving operational flexibility, and using export infrastructure when available to maximize realized pricing. The company also manages capital access and financing capacity because upstream development requires staged funding and ongoing investment in field operations. Corporate actions and listing structure are part of its broader effort to support market access and long-term development optionality.
Production uptime is the main driver of cash generation in an upstream oil business.
Export sales typically support better pricing than constrained domestic sales.
Upstream projects require ongoing capital for drilling, facilities, and reserve development.
Geography
ShaMaran is headquartered in Vancouver, Canada, and its shares trade in Canada and Sweden. Operationally, the business is centered in the Kurdistan Region of Iraq, where its oil assets are located and where production, sales, and security conditions directly affect operations. The company also has corporate and financing links to Canada, Switzerland, and other jurisdictions through its subsidiaries and funding structure.
Risks
ShaMaran is exposed to geopolitical and operational disruption because its assets are concentrated in the Kurdistan Region of Iraq, where security conditions and export infrastructure can affect production and sales. It also faces typical upstream risks such as reserve uncertainty, commodity price volatility, decommissioning obligations, and funding risk because development spending must be financed before cash flow is fully stable.
- Geopolitical and security disruption in KurdistanImpact: HighLikelihood: High
Operations and exports depend on a region exposed to conflict and security events.
Exposure: Atrush and Sarsang production and export sales
- Export infrastructure interruptionImpact: HighLikelihood: High
The business relies on the Iraq-Türkiye pipeline and related logistics to move barrels.
Exposure: International sales and realized pricing
- Commodity price volatilityImpact: HighLikelihood: Medium
Upstream revenue and asset values move with crude oil prices and margins.
Exposure - Liquidity and financing riskImpact: HighLikelihood: Medium
Development activity requires staged funding and may need additional debt or equity.
Exposure: Capital expenditures and project continuity
- Reserve and production uncertaintyImpact: MediumLikelihood: Medium
Future output depends on reservoir performance, drilling success, and field integrity.
Exposure: Production volumes and reserve estimates
Accounting
Judgemental itemsRecoverable value depends on forward oil prices, reserves, and development costs.
Impact: Can cause large non-cash write-downs or reversals
Field abandonment obligations are estimated over long project lives and discounted to present value.
Impact: Affects liabilities, asset carrying values, and finance costs
Charges are tied to production profiles and reserve estimates.
Impact: Changes reported operating costs over time
Most revenues and many purchases are in USD, but some costs are in CAD and CHF.
Impact: Creates limited FX gains or losses
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Last updated: 24/09/2026