TotalEnergies completed the divestment of its 18% interest in the TEPKRI Sarang oil field to ShaMaran Petroleum Corp., located onshore Kurdistan in Iraq, a company press release announced on Sept. 15.

ShaMaran has also filed the paperwork necessary to change TEPKRI's name to ShaMaran Sarsang A/S and change its registered office address in Copenhagen, according to a separate press announcement from ShaMaran.

TotalEnegies divested the share in the field for $155 million, in addition to a contingent consideration of $15 million depending on production and oil prices, payable in the future. In 2021, the company's approximate share of production in the field was 3,500 bbl/d.

Discovered in 2011, Dallas-based HKN Energy is operator of the field with a 62% interest. The Kurdistan Regional Government owns the remaining 20% interest.

“This is a momentous day for ShaMaran," ShaMaran president and CEO Dr. Adel Chaouch said, "as with this acquisition...we have transformed ShaMaran from being a single asset company into one owning a portfolio of stakes in three world class producing oil fields (Atrush, Swara Tika and East Swara Tika) in Kurdistan with improved oil qualities and complementary production horizons."

Paris-based TotalEnergies entered production activities in Iraq a century ago through the discovery of the Kirkuk field.

The company's current operations in Iraq consist of approximately 14,000 boe/d in 2021, with a 22.5% interest in the Halfaya oil field. Additionally, it is working to help construct a new gas network and treatment units, a large-scale seawater treatment unit and a 1 GW photovoltaic power plant through a series of major multi-energy agreements.