ShaMaran acquires 18% of Sarsang oil field from TotalEnergies
Photo: Claude Nai
Erbil – ShaMaran Petroleum Corp. recently acquired 18% of Sarsang oil field from TotalEnergies for $155 million. The Sarsang oil field is in block Sarsang, Iraqi Kurdistan.
According to TotalEnergies, the Sarsang field, which was found in 2011, is managed by HKN Energy (62%), with KRG having a 20% stake. In 2021, TotalEnergies’ contribution to output was estimated to be 3,500 barrels per day.
“This is a momentous day for ShaMaran as with this acquisition we have transformed ShaMaran from being a single asset company into one owning a portfolio of stakes in three world class producing oil fields (Atrush, Swara Tika and East Swara Tika) in Kurdistan with improved oil qualities and complementary production horizons,” said Adel Chaouch, President and Chief Executive Officer of ShaMaran.
ShaMaran Petroleum (SNM.V) is a Canadian oil and gas company that focuses on oil development and exploration throughout Iraqi Kurdistan.