ShaMaran Petroleum has released its financial and operating results and related management's discussion and analysis (MD&A) for the three months and year ended December 31, 2021. Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran, commented: "2021 has been a transformational year for ShaMaran. The Company generated the highest annual oil sales revenues in […]
By John Lee. ShaMaran Petroleum has announce that the Atrush block in Iraqi Kurdistan has surpassed the cumulative oil production milestone of 50 million barrels since its first oil in July 2017. Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran, commented: "This significant operational achievement is noteworthy as the production milestone has been […]
By John Lee. ShaMaran Petroleum has reported in connection with the Company's 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) that the Company has purchased Bonds in the market at commercially attractive rates. As a result, Bonds in the principal amount of $4.95 million have been retired. The Company's Bond amortization payment due in […]
ShaMaran Petroleum has announced that the January 2021 interest payment due on its 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) has been timely made to all Bondholders. In addition, ShaMaran said the Atrush field total cumulative crude oil production has exceeded 40 million barrels. The Atrush field is located 85 km northwest of […]
By John Lee. According to Bloomberg Law, a group of bondholders of Shamaran Petroleum has reportedly appointed restructuring specialists Akin Gump Strauss Hauer & Feld LLP to advise on ongoing debt talks. ShaMaran Petroleum said last week that that it continues to examine alternatives to address a breach of financial covenant and liquidity shortfall, and […]
By John Lee. ShaMaran Petroleum has reported that the Atrush Field continues to perform "exceptionally well". Average production for the month of November was 43,360 bopd. The CK-15 well is now online and wells currently are undergoing normal-course maintenance. The Company reiterates its Atrush 2019 average daily production guidance of between 30,000 and 35,000 bopd […]
ShaMaran Petroleum has reported that the Atrush oil field total production has exceeded 20,000,000 barrels. ShaMaran President and Chief Executive Officer Dr. Adel Chaouch said: "This cumulative production milestone demonstrates Atrush's upward path to higher production and has been attained ahead of target. We look forward to further future production achievements and operational improvements in […]
Abu Dhabi National Energy Company PJSC (TAQA) has announced that its subsidiary, TAQA Atrush B.V. (TAQA Iraq), has set a new production record from the Atrush oil field in the Kurdistan Region of Iraq. For the first time since the field commenced production operations in July 2017, the total monthly production volume exceeded 1 million […]
By John Lee. Abu Dhabi National Energy Company PJSC (TAQA) has announced that the group’s oil and gas business delivered strong performance with an 11% increase in revenue, mainly driven by increased production volumes from its assets in Europe and Iraq. In its financial results and operational highlights for the six-month period ending June 30, […]
By John Lee. ShaMaran Petroleum has announced the completion of its acquisition of an additional 7.5% participating interest in the Atrush Block [from Marathon Oil], previously announced on April 3, 2019, bringing ShaMaran’s total interest in Atrush up to 27.6%. ShaMaran also announces that Atrush has been producing at approximately 32,000 barrels of oil per […]
TTE Technical Institute has secured a new project with international energy and water company TAQA to provide technical training to Middle East based technicians. A group of 13 technicians from TAQA’s Atrush Block oil production facility in the Kurdistan region of Iraq are spending three months in the UK at TTE’s fully-equipped training centre in […]
ShaMaran Petroleum Corporation refers to the agreement announced on June 4, 2018 whereby the Company’s wholly owned subsidiary, General Exploration Partners, Inc. (“GEP”), agreed in a sale and purchase agreement (the “SPA”) with Marathon Oil KDV B.V. (“MOKDV”) ,a wholly owned subsidiary of Marathon Oil Corporation (“Marathon”), to acquire from MOKDV a further 15% working […]
