Oil & Gas Dana Gas to spend $100m on Egypt and Iraq expansion By Pramod Kumar May 9, 2025, 10:00 AM Dana Gas A worker at a Dana Gas facility in Egypt. The company aims to increase gas recovery at its Egyptian fields by 80 billion cubic feet 11 new wells to be drilled in Egypt Aim to reverse production drop Gas processing facility in Iraq UAE company Dana Gas said it plans to invest $100 million in drilling for gas in Egypt and will add gas processing capacity at its joint venture field in Iraq’s Kurdistan province. Drilling 11 wells over the next two years, the company aims to increase gas recovery at its Egypt fields by 80 billion cubic feet. This will help reverse a decline in production there which has underpinned a drop in revenue in the first quarter, the company said this week in a financial statement. Work will start this month. The company reported a first-quarter net profit increase of 13 percent to AED158 million ($43 million), compared with AED140 million in the same three-month period last year, it said. Revenue fell 6 percent year on year to AED334 million, on lower production in Egypt and lower hydrocarbon prices. CEO Richard Hall said he expects the first gas from the expansion of its joint venture Pearl Petroleum KM250 gas processing facility in Kurdistan in the first quarter of next year. KM250 is expected to add 250 million cubic feet per day of processing capacity. Founded in 2009, Pearl is a group of companies, with Dana Gas and Crescent Petroleum as joint operators and 35 percent stake each. Austria’s OMV, Hungary’s MOL and Germany’s RWE each hold 10 percent. Output at Iraq’s largest gas field up 75% since 2017 Swathe of new oil and gas sites opened to bids in Egypt Data is the new oil – and the oil industry agrees Pearl has initiated first-phase development activities at Chemchemal, one of Iraq’s largest undeveloped gas fields. A $160 million investment programme is underway to drill three wells and install an extended well test facility. Production of up to 75 million cubic feet per day is targeted for the second half of next year, Dana Gas said. Dana stock was largely unchanged at AED 0.732 at mid-day on Thursday. The share has risen 12 percent in the year to date on the Abu Dhabi exchange and has a free-float of more than 65 percent. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
