ShaMaran Petroleum Corp has announced that the total cumulative crude oil production in Atrush field, located 85km northwest of Erbil and is one of the largest new oil developments in the Kurdistan Region of Iraq, has exceeded 40 mmbbl
The field was first discovered in 2011 and oil production started in July 2017. In its fourth year of production, the Atrush field has sold all its production to the Kurdistan Regional Government of Iraq at international market prices less a discount based on quality and transportation charges.
ShaMaran president and CEO Dr Adel Chaouch, said, “Following a challenging 2020 for the oil industry in Kurdistan, ShaMaran is pleased to start off 2021 with the full and timely payment of the semi-annual interest owed to our bondholders. Our achievement of this 40 mmbbl production milestone also demonstrates the ability of Atrush field to maintain stable production even through the past difficult times. We look forward to future achievements.”
In addition, ShaMaran has announced that the January 2021 interest payment due on its 12% senior unsecured bonds due 2023 has been timely made to all bondholders.