ShaMaran Petroleum completed the acquisition of an 18% stake in the onshore Sarsang oil field of TotalEnergies for $170m.

ShaMaran Petroleum, an independent oil development and exploration company, completed the acquisition of an 18% stake in the onshore Sarsang oil field of TotalEnergies, an integrated energy and petroleum company, for $170m. “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. Based on the guidance from the operator of Sarsang, net production to ShaMaran will more than double on a pro-forma basis, positioning ShaMaran among the top five International Oil Companies in Kurdistan on a net production basis. We also expect our reserves to also more than double and the Company will update the market on this sizeable reserve acquisition in due course." Adel Chaouch, ShaMaran President and CEO.