By John Lee.
Dana Gas has reported a net profit of AED 393 million ($107 million) for H1 2026, a 47% year-on-year increase.
Regarding operation in the Kurdistan Region of Iraq (KRI), the company said:
"Khor Mor began the year at record production levels, with output exceeding 700 MMscf/d and Group production reaching 70 kboepd. During the period, regional security-related disruption led to intermittent suspensions and reduced operations at Khor Mor. This constrained average utilisation and limited the revenue contribution from KM250. While utilisation was temporarily constrained during the period, KM250 remains a key platform supporting the Company's future growth and is beginning to support the expansion of gas supplies into new domestic markets.
"Following renewed regional escalation in July, after the reporting period, Dana Gas implemented short-term precautionary measures at Khor Mor. Following updated security assessments and assurances from the Kurdistan Regional Government and the Government of Iraq, operations have now resumed, and production has normalised to support electricity demand in the area.
"At Chemchemal, development activities continued under the $160 million appraisal and early development programme. Long-term gas sales agreements are in place to supply up to 142 MMscf/d to industrial customers in the KRI.
"Following the reporting period, gas supplies commenced to Iraq's Ministry of Electricity from the Khor Mor gas processing facility. Under the agreement, 100 MMscf/d of gas will be supplied to the Kirkuk Taza power station for an initial term of one year. The milestone represents an important step in the Company's strategy to expand gas sales following completion of the KM250 expansion, enabling the partners to open new domestic markets while supporting electricity generation in Iraq.
"During the period, the Company recognised additional invoicing of AED 176 million ($48 million) following a one-off positive gas metering reconciliation at Khor Mor, relating to gas supplied between November 2018 and March 2024 that had not previously been invoiced or paid."
(Source: Dana Gas)
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