Peregraf- Dana Gas reported a sharp increase in profits during the first quarter of 2026, driven largely by a one-time financial adjustment related to gas operations in the Kurdistan Region.
The UAE-based company announced Thursday that net profit reached approximately $74 million during the first four months of 2026, marking a 72 percent increase compared to the same period last year.
According to the company, the increase was mainly due to a one-time $48 million gain tied to gas metering adjustments in the Kurdistan Region.
Khor Mor Expansion Boosts Production
Dana Gas and Crescent Petroleum are key partners in Pearl Petroleum, which operates the strategically important Khor Mor and Chamchamal gas fields in Sulaymaniyah province.
The company said the completion of the KM250 expansion project at the Khor Mor Gas Field enabled the system to handle higher production levels.
Gas production exceeded 700 million cubic feet per day in January, increasing output by around 15,000 barrels of oil equivalent per day.
Total production across Dana Gas operations reached approximately 70,000 barrels per day — the company’s highest level since 2018.
Regional Tensions Temporarily Disrupted Operations
Dana Gas noted that operations at Khor Mor were temporarily suspended in late February due to regional security tensions linked to the Iran war.
Production resumed in March at reduced capacity, though the company said it maintained supply commitments despite the disruptions.
Average production in the Kurdistan Region stood at approximately 40,100 barrels per day during the quarter.
Future Investments and Gas Agreements
The company also announced continued investment in the Chamchamal gas project, with planned spending of around $160 million.
In January 2026, Dana Gas and its partners signed multiple gas sales agreements to supply approximately 142 million cubic feet of gas to industrial customers.
Strategic Importance of Khor Mor
The Khor Mor field remains one of the Kurdistan Region’s most important energy sites, supplying natural gas to major power stations in Erbil, Sulaymaniyah, and Duhok.
Richard Hall said the company had demonstrated resilience despite operating in what he described as a “complex environment.”