On 4 June 2018, ShaMaran Petroleum Corporation announced that it had entered into an agreement to acquire a further 15% working interest in the Atrush Production Sharing Contract (PSC) along with other specified assets, from Marathon Oil KDV BV, for USD 60 million. At the time, ShaMaran stated that the agreement would be effective as of 1 January 2018, subject to the consent of the Kurdistan Regional Government (KRG) and partner Abu Dhabi National Energy Co (TAQA). Â However, on 18 November 2018, ShaMaran announced that TAQA had refused to provide consent to the agreement. Subsequently, Marathon re-issued an offer to acquire Marathon Oil KDV BV as a corporate transaction not requiring TAQA consent and, as such, ShaMaran is engaged in a bidding process for Marathonâs 15% interest in the Atrush PSC. ShaMaran has stated that there is no guarantee that any offer by the company, if submitted, will result in the acquisition of the additional 15% interest.  As part of the original agreement the KRG had requested guarantees of the companyâs commitments, with an approved work program and budgets up to 2020. The acquisition included USD 21.3 million in loans provided to the KRG over 22 months starting 1 January 2018.  The new interests in the Atrush PSC would potentially be Abu Dhabi National Energy Co (TAQA) (operator) 39.9%, General Exploration Partners Inc (subsidiary of ShaMaran Petroleum Corporation) 35.1% and Kurdistan Regional Government 25%. The Atrush PSC was initially signed by General Exploration Partners on 10 November 2007, with Atrush 1 being announced as an oil discovery in April 2011. A Declaration of Commercial Discovery was subsequently made on 7 November 2012.
ShaMaran Petroleum Corporation announced that it had entered into an agreement to acquire a further 15% working interest in the Atrush Production Sharing Contract (PSC) along with other specified assets, from Marathon Oil KDV BV, for USD 60 million.