Dana Gas has announced its financial results for the half-year ended 30th June 2025, which included the following:
- Net Profit: AED 270 million ($73 million) in H1 2025, a 1% increase over H1 2024.
- Revenue: AED 627 million ($171 million) in H1 2025, down from AED 696 million ($190 million) in H1 2024 due to lower hydrocarbon prices and Egypt production decline, partly offset by higher KRI output and improved pricing.
- Production:
- Daily gas output at Khor Mor field exceeded 500 million standard cubic feet per day (MMSCFD).
- Group production in KRI rose 3% to 38,550 barrels of oil equivalent per day (boepd) despite planned maintenance.
- Maintenance: Planned maintenance at Khor Mor in April temporarily reduced output but was completed ahead of schedule, ensuring long-term reliability.
- KM250 Expansion Project:
- Construction progressing well, with proactive management accelerating progress towards “first gas.”
- Once operational, KM250 will add 250 MMSCFD capacity, increasing Pearl Petroleum’s total capacity by 50% and significantly boosting production and cash flow.
- Chemchemal Development:
- Ongoing under $160 million investment program.
- Drilling and site work underway for extended well test facility targeting early production of up to 75 MMSCFD.
- Cash and Receivables:
- Cash balance at end of June 2025: AED 638 million ($174 million), including AED 539 million ($147 million) at Pearl Petroleum level.
- Collections: AED 378 million ($103 million) from KRI in H1 2025.
- Dana Gas’s share of receivables in KRI: AED 209 million ($71 million).
- Pearl Petroleum operators are actively engaging with KRG to improve payment performance and address outstanding receivables, which are crucial for sustaining and expanding production to meet electricity demand.
(Source: Dana Gas)
