ERBIL, Kurdistan Region - The UAE-based Dana Gas reported a net profit of $103 million for the first nine months of 2025, a $9 million decrease from the same period last year due to lower production in Egypt despite high output in the Kurdistan Region’s Khor Mor gas field.
"The Company recorded a net profit of AED 379 million ($103mm) in 9M 2025, compared to AED 410 million ($112mm) in 9M 2024. Revenue for the period stood at AED 935 million ($255mm), versus AED 1,048 million ($286mm) in 9M 2024," Dana Gas announced on Friday. "The 8% year-on-year decline reflects lower Egyptian production and softer Brent prices ($71/bbl vs $83/bbl), partly offset by higher gas prices under the new concession agreement in Egypt."
Performance "during the period remained strong, supported by continued operational excellence in the Kurdistan Region of Iraq (KRI) and the successful early completion of the KM250 expansion project in October 2025,” it added.
KM250 is a project to drastically increase the production of gas at Khor Mor in Sulaimani province by an additional 250 million standard cubic feet of gas per day (mmscf/d), significantly boosting the Kurdistan Region’s electricity generation capabilities.
"When operating at full capacity, this expansion is expected to boost the Company’s revenue by up to 35%," Dana Gas stated. "The milestone marked one of the most significant private energy infrastructure achievements in Iraq in recent years and demonstrates Dana Gas’s capability to deliver complex projects."
In May, Dana Gas announced that it had also begun development at the nearby Chamchamal gas field. The two fields are among Iraq’s largest.
“Looking ahead, the Company’s next focus in the KRI is advancing development at the Chemchemal field under the $160 million investment programme. Work is underway to drill three wells and install an extended well test facility, targeting early production of up to 75 MMscf/d by the first half of 2027," Dana Gas said.
The expansion at Khor Mor has proceeded despite several attacks blamed on Iran-affiliated Iraqi militias accused of targeting the field because of its strategic and economic importance for the Kurdistan Region.
A drone targeted the field in February but did not cause material damage or casualties. Sulaimani-based Kurdish counterterrorism forces blamed “militia groups and outlaws” for the attack.
In April of last year, a drone strike at the site killed four Yemeni nationals and injured several others who were repairing damage from a previous attack. The strike caused Dana Gas to suspend production temporarily.
The attacks caused power disruptions across the Kurdistan Region.