On Friday, Dana Gas PJSC announced its preliminary unaudited financial results for the fiscal year ending December 31, 2025.
The company reported a net profit of 476 million dirhams (approximately 130 million dollars) for fiscal year 2025, down from 553 million dirhams in the previous year.
Revenue for the year reached 1.28 billion dirhams, which is lower than the 2024 figures that included a one-time exceptional revenue of 46 million dollars, derived from a gas price increase agreed upon in a concession area merger, retroactively calculated during Q4 2024.
This decline in revenue for 2025 can be attributed to decreased production in Egypt, coupled with lower selling prices linked to oil prices, as the average Brent crude price fell to 69 dollars per barrel in 2025 from 81 dollars per barrel in 2024.
2025 marked a significant operational milestone for Dana Gas, with the completion of the Khor Mor gas expansion project, known as “Khor Mor 250,” in October 2025, as well as the continued execution of the company’s investment program in Egypt. These efforts contributed to a noticeable increase in overall production, with output reaching 70,000 barrels of oil equivalent per day in January 2026 (post-reporting period), the highest level achieved by the company since 2018.
With the completion of the Khor Mor 250 project, the gas processing capacity at the Khor Mor field rose to 750 million standard cubic feet per day (MMSCFD), while actual production levels exceeded 700 MMSCFD during peak demand periods.
Richard Hool, the CEO of Dana Gas, remarked, “The year 2025 was pivotal for Dana Gas. We successfully executed long-standing priorities, most notably the completion and operational launch of the Khor Mor 250 expansion project. This achievement marks a substantial turning point for the company and reflects the execution-focused approach we have pursued throughout the year. Simultaneously, we made significant progress in Egypt by resuming investments under improved financial conditions and implementing a successful drilling program.”
Iraq
In the Kurdistan region of Iraq, Dana Gas and its partners completed and commenced operations of the Khor Mor 250 gas expansion project in October 2025, ahead of the revised schedule by eight months. The project added 250 MMSCFD of new gas processing capacity, increasing the total production capacity of the Khor Mor field by 50% to 750 MMSCFD.
By January 2026, actual gas production at the Khor Mor field reached 700 MMSCFD, contributing approximately 15,000 barrels of oil equivalent per day to the company’s net production in the region.
Egypt
In Egypt, Dana Gas continued to implement its investment program valued at 100 million dollars under the merger agreement established in late 2024. During fiscal year 2025, the company drilled four new wells and executed a recompletion program for an additional three wells, contributing an additional 30 MMSCFD to new production, along with 36 billion cubic feet of reserves.
Production rates in Egypt experienced a decline throughout 2025 due to the natural production decline from the company’s fields in the Nile Delta. Nevertheless, it is expected that the successful drilling and recompletion activities undertaken last year, along with additional wells planned for 2026, will stabilize production and gradually return it to a growth trajectory. Dana Gas intends to drill seven more wells in Egypt during 2026, with the first exploratory well, “Dafodil,” having been drilled in January 2026.
Updates
The average production for the group in fiscal year 2025 was approximately 53,500 barrels of oil equivalent per day, compared to 56,500 barrels per day in fiscal year 2024. The average production in the Kurdistan region of Iraq increased by 2% to reach 40,900 barrels of oil equivalent per day, bolstered by ongoing demand from power generation stations and increased gas output from the Khor Mor field.
Liquidity
As of December 31, 2025, Dana Gas reported a total cash balance of 788 million dirhams, which includes 392 million dirhams held by Pearl Petroleum.
Total cash receipts during fiscal year 2025 amounted to approximately 1.1 billion dirhams, consisting of 748 million dirhams from its operations in the Kurdistan region of Iraq and 363 million dirhams from Egypt. The outstanding receivables by the end of the year were 139 million dirhams in Egypt and 293 million dirhams in the Kurdistan region of Iraq.