Geopolitical and security disruption in Kurdistan
Operations and exports depend on a region exposed to conflict and security events.
- Scope
- Atrush and Sarsang production and export sales
- Materiality
- high
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.
| % | |
|---|---|
| Exploration and production | 100% Upstream oil and gas activities including appraisal, drilling, and reserve development. |
ShaMaran sells crude oil into regional markets rather than to end consumers, so its customers are mainly oil...
- Domestic crude oil buyersprimary
Local purchasers in the Kurdistan market that buy crude when export routes are constrained.
- Export offtakersprimary
Buyers of exported crude linked to the Iraq-Türkiye pipeline and regional export channels.
- Commodity traderssecondary
Trading counterparties that aggregate, market, or resell crude volumes.
- Service and logistics counterpartiessecondary
Transport, lifting, and settlement partners that enable delivery and monetization of production.
ShaMaran is headquartered in Vancouver, Canada, and its shares trade in Canada and Sweden...
- •Head office in Vancouver, British Columbia, Canada
- •Primary operating assets in the Kurdistan Region of Iraq
- •Shares listed on TSX Venture Exchange and Nasdaq First North
- •Sales and logistics depend on Iraq-Türkiye export infrastructure
- •Corporate footprint includes Canada and Switzerland
ShaMaran’s strategy centers on maintaining production readiness at its Kurdistan assets, preserving operational...
01
Protect operating continuity at Atrush and Sarsangshort-term
Production uptime is the main driver of cash generation in an upstream oil business.
02
Maximize value from export accessmedium-term
Export sales typically support better pricing than constrained domestic sales.
03
Secure funding for development and productionmedium-term
Upstream projects require ongoing capital for drilling, facilities, and reserve development.
ShaMaran is exposed to geopolitical and operational disruption because its assets are concentrated in the Kurdistan...
Export infrastructure interruption
The business relies on the Iraq-Türkiye pipeline and related logistics to move barrels.
- Scope
- International sales and realized pricing
- Materiality
- high
Commodity price volatility
Upstream revenue and asset values move with crude oil prices and margins.
- Scope
- Revenue, cash flow, impairment testing
- Materiality
- high
Liquidity and financing risk
Development activity requires staged funding and may need additional debt or equity.
- Scope
- Capital expenditures and project continuity
- Materiality
- high
Reserve and production uncertainty
Future output depends on reservoir performance, drilling success, and field integrity.
- Scope
- Production volumes and reserve estimates
- Materiality
- medium
Oil and gas asset impairment
Can cause large non-cash write-downs or reversals
Decommissioning and site restoration provisions
Affects liabilities, asset carrying values, and finance costs
Depreciation, depletion, and amortization
Changes reported operating costs over time
Foreign-currency translation and transaction exposure
Creates limited FX gains or losses
: 11/08/2026