Dana Gas Reports 13% Rise in Q1 2025 Net Profit, Advances Major Projects in Kurdistan

Peregraf

Dana Gas PJSC, the largest private sector natural gas company in the Middle East, announced a 13% increase in net profit for the first quarter of 2025, reaching AED 158 million ($43 million), up from AED 140 million ($38 million) in the same period last year. The rise in earnings came despite lower oil prices and was driven by improved gas pricing in Egypt, lower depreciation charges, and reduced finance costs.

Revenue for Q1 2025 totaled AED 334 million ($91 million), down from AED 356 million ($97 million) in Q1 2024. The decline was attributed to lower production in Egypt and reduced hydrocarbon prices, partially offset by stronger gas and condensate pricing in both Egypt and the Kurdistan Region of Iraq (KRI).

In the KRI, Dana Gas and partner Crescent Petroleum achieved a major milestone with cumulative production from the Khor Mor field surpassing 500 million barrels of oil equivalent. Daily gas output reached 525 million standard cubic feet, a 75% increase since 2017, supporting more than 75% of the region’s power generation needs.

The company confirmed that planned maintenance at the Khor Mor plant in April will impact Q2 production figures. Meanwhile, the KM250 expansion project is progressing ahead of schedule, with first gas expected in Q1 2026. The project is set to boost Pearl Petroleum’s processing capacity by 50%, adding 250 million standard cubic feet per day of gas, 7,000 barrels per day of condensate, and 460 tonnes per day of LPG.

Additionally, development has begun at the Chemchemal field—one of Iraq’s largest undeveloped gas assets. A $160 million investment plan is underway, including the drilling of three wells and the installation of an extended well test facility, with production of up to 75 MMscfd targeted for late 2026.

Dana Gas remains optimistic about its operational and financial trajectory, bolstered by strategic investments and sustained performance in key markets.