Shamaran acquires more of Atrush

Shamaran has acquired an additional 15% interest in the Atrush field for USD60 million. This takes its share from 20.1% to 35.1%. The remaining owners are TAQA 39.9% and KRG 25%).

The field began producing in July 2017 and currently has capacity to produce at 30mbopd. There are longer term plans to debottleneck and add future phases, potentially taking production beyond 100mbopd.

The field’s potential is underpinned by its 102.7mmbbl 2P reserves and c.300mmbbl 2C resources.

The Atrush partners continue to receive regular payments from the KRG and Shamaran has taken the opportunity to refinance and upsize its bond to USD240 million.