Company Overview

ShaMaran Petroleum Corp. is a Canadian oil and gas company focused on the exploration, development, and production of crude oil assets in the Kurdistan Region of Iraq. The company operates primarily in the upstream energy sector and derives most of its revenue from oil production and associated petroleum sales tied to its interests in Kurdish oil fields. ShaMaran has historically concentrated on high-potential onshore assets with established reserves and export infrastructure, positioning itself as a regional-focused independent exploration and production company.

The company’s principal asset base has evolved through acquisitions and strategic consolidation within Kurdistan’s energy sector. ShaMaran became increasingly centered on the Atrush Block and later expanded its interests through transactions involving TAQA Kurdistan Limited and other regional stakeholders. Its strategy has emphasized increasing working interests in producing assets, optimizing operational efficiency, and strengthening long-term reserve exposure in northern Iraq. The company’s positioning is supported by its operational focus in a resource-rich basin with comparatively lower finding and development costs relative to many international upstream projects.

Business Operations

ShaMaran’s operations are concentrated primarily in Kurdistan through its participation in upstream oil production and development projects. Its principal business activities involve crude oil extraction, field development planning, reserve management, and coordination with regional export and transportation systems. The company’s core revenue generation is tied to oil sales from production-sharing contracts governed by agreements with the Kurdistan Regional Government. The company has historically operated through subsidiaries and project-level entities associated with the Atrush Block and related production infrastructure.

Internationally, ShaMaran’s operational footprint remains focused on Iraq, though the company is publicly traded in Canada and engages with global financial and commodity markets. Strategic partnerships have included cooperation with regional operators, energy investors, and infrastructure participants involved in crude transportation and field services. The company has maintained relationships with entities connected to the broader Lundin-affiliated corporate network, which historically influenced its governance and strategic direction. Data regarding certain joint venture structures and operational allocations is partially dependent on evolving regional agreements and public disclosures.

Strategic Position & Investments

ShaMaran’s strategic direction has focused on expanding production capacity, increasing reserve exposure, and consolidating ownership interests in key Kurdish oil assets. A significant component of this strategy involved the acquisition of additional interests in the Atrush oil field, including transactions involving TAQA Kurdistan Limited. These investments were designed to improve operational control, increase net production entitlement, and strengthen long-term cash flow generation from producing reserves.

The company has emphasized disciplined capital allocation and operational efficiency amid fluctuating oil prices and geopolitical uncertainty in Iraq. ShaMaran’s investment profile remains heavily concentrated in conventional upstream oil development rather than diversification into renewable energy or unrelated sectors. Its strategic focus continues to prioritize reserve optimization, production reliability, and alignment with regional export infrastructure. Public disclosures indicate continued attention toward maintaining liquidity and maximizing value from existing producing assets rather than pursuing broad geographic expansion.

Geographic Footprint

ShaMaran Petroleum Corp. is headquartered in Vancouver, Canada, while its primary operational activities are located in the Kurdistan Region of Iraq. The company’s producing assets and development interests are concentrated in northern Iraq, particularly around the Atrush Block. Although geographically focused, the company participates in international energy markets through crude exports tied to regional pipeline infrastructure and cross-border oil trading channels.

The company’s investor base and public market presence extend internationally through Canadian capital markets and engagement with institutional energy investors. Its operational influence is primarily regional rather than global, with its business performance closely tied to developments in the Middle East energy sector, Kurdish oil policy, and regional export arrangements involving Iraq and neighboring countries.

Leadership & Governance

ShaMaran Petroleum Corp.’s leadership has historically included executives and directors with extensive experience in international oil and gas development, particularly in frontier and emerging-market energy jurisdictions. The company’s governance structure reflects a focus on operational execution, capital discipline, and long-term reserve development within Kurdistan. Leadership strategy has generally emphasized maintaining production continuity, strengthening asset ownership, and navigating regional regulatory and geopolitical conditions.

Key executives and leadership figures have included:

• Adel Chaouch – President and Chief Executive Officer
• Catharina Jansson – Chief Financial Officer
• Keith Hill – Former Director and industry executive associated with the Lundin group of companies
• Myles McGovern – Former Chairman and energy sector executive

Data regarding certain executive appointments and board composition may vary depending on the reporting period and latest corporate filings.