ShaMaran Shuts Kurdistan Operations Amid Iran War, Plans Bermuda Relocation
Event summary
- ShaMaran shut in production at Atrush and Sarsang blocks on March 2, 2026 due to Iran war security concerns
- Q1 2026 revenue up 6% YoY to $38M despite production halt, driven by higher international export prices
- Company plans to relocate headquarters from Canada to Bermuda and list on Euronext Growth Oslo
- Sarsang field experienced two explosions in Q1 2026 with no injuries reported
- Net debt reduced to $103.1M as of May 6, 2026 from $107.2M on March 31, 2026
The big picture
ShaMaran's production shutdown highlights the vulnerability of Kurdistan's oil operations to regional conflicts. The company's strategic relocation to Bermuda and Oslo listing suggests a pivot toward European investors amid Canadian regulatory challenges. With the Iraq-Türkiye pipeline as the sole export route, ShaMaran's fortunes remain tied to both regional stability and the continuation of interim export agreements.
What we're watching
- Geopolitical Risk
- How long ShaMaran can maintain production shutdown before financial impact becomes material
- Governance Dynamics
- Whether Bermuda relocation will improve access to European capital markets
- Operational Recovery
- The pace at which Sarsang field can return to full production after explosions and security concerns