ERBIL, Kurdistan Region of Iraq - The Emirati giant Dana Gas, operating the Kurdistan Region’s Khor Mor Gas Plant, stated Thursday that it generated $43 million in net profit for the first quarter of 2025, a 13 percent increase compared to the same timeframe last year.

Dana Gas reports "a net profit of AED 158 million ($43mm) for Q1 2025, a 13% increase compared to AED 140 million ($38mm) in the same period last year, despite lower oil prices,” the company said in a statement.

It attributed the increase to “stronger gas prices in Egypt following the Consolidation Concession Agreement, lower depreciation, depletion, and amortization (DDA) charges, along with reduced finance costs."

The Emirati giant noted that revenue for the quarter of 2025 stood at $91 million, six million dollars lower compared to the first three months of 2024.

"The year-on-year decline was primarily due to lower production in Egypt, coupled with lower realized hydrocarbon prices; however, this was partially offset by improved gas pricing in Egypt and higher condensate price realization in the Kurdistan Region of Iraq (KRI),” the statement explained.

The UAE-based company has played a pivotal role in the production of the Kurdistan Region’s natural gas since 2007.

The Khor Mor gas field is a major fuel source for electricity generation plants in the Region, with production currently at 525 million standard cubic feet of natural gas per day.

"Production in the KRI remained strong in the first quarter of 2025. In early March, Dana Gas and its partner Crescent Petroleum announced that cumulative production from the Khor Mor field had reached 500 million barrels of oil equivalent, reflecting the strength and consistency of operations since 2008,” Dana Gas reported.

It stated that daily gas production at Khor Mor "reached 525 million standard cubic feet, marking a 75% increase since 2017. The field continues to support over 75% of the Kurdistan Region’s power generation needs.”

Dana Gas reports that it has invested $3.5 billion to date at Khor Mor, with operations having created "more than 20,000 direct and indirect job opportunities in the region.”

Dana Gas plans to increase gas production by 50 percent in the Kurdistan Region next year.

With the completion of the one-billion-dollar KM250 project, an expansion of the Khor Mor field expected by the first quarter of 2026, daily production will reach nearly one billion standard cubic feet of gas per day, enough to equip the Kurdistan Region to provide 24-hour electricity.

The KM250 will also "significantly boost Dana Gas’s financial performance and cash flow,” the company states.