03:00 AM EDT, 10/20/2026 (MT Newswires) -- ShaMaran Petroleum (SNM.OL) agreed to buy a 25% stake in the Hamrin oil development and production contract in Iraq from existing collaborator HKN Energy. The Oslo-listed Iraq-focused oil and gas company said Tuesday that the deal will formally expand its collaboration with HKN Energy, giving it 25% of the HKN Hamrin joint venture, which holds the contract for the Hamrin field. ShaMaran agreed to pay $35 million plus $15 million out of future cash flow. Iraqi state-owned oil company North Oil Co. operates the Hamrin field, which the companies will develop over the 25-year term of the contract. By 2028, the partners are aiming for an initial phase of daily development of 60,000 barrels of oil.

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