# ShaMaran Petroleum Ltd > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/shamaranpetroleumltd). ## Overview 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. ## Products & services • Crude oil exploration and production • Field development and production operations • Reservoir appraisal and drilling • Oil sales through export and domestic channels - **Exploration and production** (100%) — Upstream oil and gas activities including appraisal, drilling, and reserve development. - Crude oil exploration and production - Field development and production operations - Reservoir appraisal and drilling - Oil sales through export and domestic channels ## 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. - **Domestic crude oil buyers** (primary) — Local purchasers in the Kurdistan market that buy crude when export routes are constrained. - **Export offtakers** (primary) — Buyers of exported crude linked to the Iraq-Türkiye pipeline and regional export channels. - **Commodity traders** (secondary) — Trading counterparties that aggregate, market, or resell crude volumes. - **Service and logistics counterparties** (secondary) — Transport, lifting, and settlement partners that enable delivery and monetization of production. - Regional crude oil buyers in domestic Kurdistan markets - Export offtakers purchasing barrels through pipeline-linked sales - Commodity traders and intermediaries handling crude sales - Counterparties in transport, lifting, and settlement chains ## 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. - **Kurdistan Region of Iraq** (100%) — Operational concentration; revenue geography not separately disclosed. - 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 ## 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. - **Protect operating continuity at Atrush and Sarsang** (short-term) — Production uptime is the main driver of cash generation in an upstream oil business. - **Maximize value from export access** (medium-term) — Export sales typically support better pricing than constrained domestic sales. - **Secure funding for development and production** (medium-term) — Upstream projects require ongoing capital for drilling, facilities, and reserve development. - Maintain readiness to restart and sustain production at core fields - Use export routes when available to improve realized crude pricing - Control operating spend and noncritical activity during disruptions - Preserve access to staged financing for development and drilling - Optimize corporate structure and listing access for capital markets ## 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 Kurdistan** [high] — Operations and exports depend on a region exposed to conflict and security events. - **Export infrastructure interruption** [high] — The business relies on the Iraq-Türkiye pipeline and related logistics to move barrels. - **Commodity price volatility** [high] — Upstream revenue and asset values move with crude oil prices and margins. - **Liquidity and financing risk** [high] — Development activity requires staged funding and may need additional debt or equity. - **Reserve and production uncertainty** [medium] — Future output depends on reservoir performance, drilling success, and field integrity. - Regional conflict can force shut-ins and interrupt exports - Pipeline or border disruptions can reduce realized pricing - Oil price swings affect revenue and asset impairment risk - Financing needs are ongoing because development is capital intensive - Reserve and production estimates can change with field performance - Decommissioning and restoration obligations create long-dated liabilities ## Accounting The most important accounting judgments for ShaMaran are oil and gas reserve-based impairment testing, decommissioning provisions, and the measurement of financial liabilities and foreign-currency balances. Because production assets are capital intensive and long-lived, changes in price assumptions, reserve estimates, or development costs can materially affect carrying values and reported earnings. - **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 - Impairment testing of oil and gas CGUs uses reserve and price assumptions - Decommissioning and site restoration provisions depend on long-term estimates - Fixed-rate bond and related-party debt affect leverage presentation - Foreign-currency balances are limited but still affect cash and payables - Depreciation, depletion, and amortization depend on reserve life estimates --- *Last updated: 2026-08-11T04:04:55.755635+00:00*