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ShaMaran Petroleum Corp V.SNM

Alternate Symbol(s):  SHASF

ShaMaran Petroleum Corp. is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq (KRI). The Company is engaged in the business of oil and gas exploration and production and holds interests in production sharing contracts. The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block in the KRI through its wholly owned subsidiary ShaMaran Sarsang A/S and a 50% working interest (66.67% paying interest) in the Atrush Block in KRI through its wholly owned subsidiary General Exploration Partners, Inc. (GEP). The Company is focused on developing the considerable reserve and production upside potential of its projects.


TSXV:SNM - Post by User

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Post by kanerfalkon Sep 15, 2011 2:28pm
367 Views
Post# 19046767

Dispute over reason for oil export interruption

Dispute over reason for oil export interruption
Dispute over reason for oil export interruption
15/09/2011 14:45
Baghdad, Sep. 15 (AKnews) - Mohammed al-Khalidi, Iraqi Member of Parliament, accused the Kurdistan Region Government (KRG) of using the oil export to put pressure on the federal government.
Khalidi referred to an incident in the Kirkuk-Ceyhan-pipeline that put the export on hold for 26 hours. According to the Norwegian oil company D.N.O. operating in the region, the export stopped due to a fault in the pipeline.
"Stopping the oil export has political motives," Khalidi said.
The KRG stated, the interruption was due to technical reasons and has nothing to do with the political dispute.
Tensions have recently risen between Baghdad and the Kurdish government in Erbil after the KRG rejected the new law for the exploitation of oil and gas in the country.
The Kurds believe the new law would allow the federal government to exploit the country's oil wealth at the expense of the Kurdish Region. They also argue that the Ministers Council did not follow the legal process when it approved the law.
Khalidi called on the KRG and the Kurdish Blocs Coalition in the Iraqi parliament (KBC) not to aggravate the disputes between the governments in Baghdad and Erbil. "The constitution gave the right to the federal government to exploit the oil wealth," he added.
"Breaching the agreements and violating the constitution gives the federal government the right to take a position against any province or region," Khalidi said.
KBC spokesman Muayyid al-Lami said that agreements made before the current Iraqi government was formed are still not implemented. That would be the reason for the ongoing tensions between Baghdad and Erbil.
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