{
  "id": 18487863,
  "title": "Dana Gas posts 50% rise in Q3 profit as Kurdistan gas output surges",
  "url": "https://urgent.news/2026/11/06/dana-gas-posts-50-rise-in-q3-profit-as-kurdistan-gas-output-surges-18487863",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-06T10:14:52.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/energy/2026/11/06/dana-gas-posts-50-rise-in-q3-profit-as-kurdistan-gas-output-surges/"
  },
  "original_language": "en",
  "account": "Dana Gas, a company based in Sharjah, reported a significant 50% increase in its third-quarter profit, reaching $45 million. This surge was driven by higher production from its main gasfield in Iraq's Kurdistan region and stronger hydrocarbon prices, despite security disruptions. Overall revenue for the quarter increased by 42% to $119 million.\n\nRichard Hall, the company's CEO, attributed the improved earnings to the tangible returns from their investments, specifically highlighting higher production at the Khor Mor gasfield and stronger realized hydrocarbon prices. For the first nine months, profit rose 48% to $152 million, though this figure included a one-off $48 million gain from a gas metering reconciliation with the Kurdistan Regional Government. Excluding this adjustment, profits remained largely unchanged at $104 million.\n\nHowever, the company noted ongoing challenges with payments, as Kurdistan trade receivables rose to $189 million by the end of September, up from $80 million at the end of 2025. An auditor from Ernst & Young highlighted the uncertainty surrounding whether this receivable will be recovered, though they did not qualify their review.\n\nDana Gas is primarily involved in natural gas and associated liquids production in Iraq's Kurdistan region and Egypt. It has a significant presence in the Kurdistan region, having entered alongside Crescent Petroleum in 2007 to develop the Khor Mor and Chemchemal gasfields. The company, along with OMV, MOL, and RWE, owns 35% of the Pearl Petroleum consortium that operates these fields. Khor Mor supplies gas crucial for generating about 80% of Iraqi Kurdistan's electricity, underscoring its importance to the region's power supply. Dana Gas's share of Kurdistan production grew by 18% to 47,550 barrels of oil equivalent (boe) per day during the quarter, boosting the group's total output by 17% to 61,400 boe per day.\n\nThe company's expansion project, KM250, which increased Khor Mor's gas processing capacity by 50% to 750 million standard cubic feet per day, was completed in October 2025. Despite two production interruptions this year - one following the Iran war in February and another due to security threats in July - Dana Gas remains optimistic about future growth. The company plans to commence drilling at Chemchemal before the end of the year, aiming to secure its first gas production from this field in early 2028. In Egypt, the company reported a 15% increase in third-quarter production to 13,850 boe per day, supported by new drilling activities.",
  "summary": "Dana Gas reported a 50 per cent rise in its third-quarter profit as increased production from its main gasfield in Iraq's Kurdistan region and stronger hydrocarbon prices boosted earnings despite security disruptions . Net profit climbed to $45 million in the three months to September, from $30 million a year earlier, the Sharjah-based company said on Friday. Revenue rose 42 per cent to $119…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}