In a statement, Dana Gas said it delivered “resilient performance in H1 2025 with AED 270 million ($73mm) net profit, due to strong operation in KRI and new investment momentum in Egypt underpinning results despite lower prices.”
Despite higher output in the Kurdistan Region, profits declined from last year due to lower hydrocarbon prices and a slight drop in Egypt production.
A major expansion project at Khor Mor in Sulaimani province, known as KM250, is expected to drastically increase the production of gas from the field by an additional 250 million standard cubic feet of gas per day (mmscf/d), significantly boosting the Region’s electricity generation capabilities.
In May, Dana Gas announced that it had also begun development activities at the nearby Chamchamal gas field. The two fields are among Iraq’s largest, and Chamchamal is set to produce 75 mmscf/d by mid-2026.
“Dana Gas made further progress on the KM250 expansion and Chamchamal development projects,” the statement said, reporting that production in the Kurdistan Region saw a three percent increase.
“Daily gas output at the Khor Mor field remained high, exceeding 500 MMSCFD, a 75% increase since 2017,” it stated.
In April, Dana Gas said that KM250 is set to be completed early next year, ahead of schedule.
Crescent Petroleum and its affiliate, Dana Gas, struck a deal with the Kurdistan Regional Government (KRG) in 2007 to develop the Region’s substantial gas resources. They also agreed to establish Kurdistan Gas City, a major new gas-utilization industrial complex to promote private sector investment.
The KM250 expansion project is supported by a seven-year, $250 million financing agreement between Dana Gas and the US International Development Finance Cooperation.
“We are now seeing the results of a proactive, hands-on approach across the business, one that keeps us close to the operations and focused on delivery. In the KRI, our operational teams have maintained excellent performance,” said CEO Richard Hall, adding that the KM250 expansion “continues to move forward at pace.”
Located in Sulaimani’s Chamchamal district, Khor Mor frequently comes under attack, reportedly by Iran-affiliated Iraqi militias taking advantage of its strategic and economic importance for the Kurdistan Region, leading to major power disruptions across the Region and hindering expansion projects at the site.
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.
Dana Gas has also warned that attacks on Khor Mor directly impact the lives of the Kurdistan Region’s citizens.
