Dana Gas has announced a 3 percent increase in its profit margin for the second quarter of 2024 from the Khor Mor field, along with a $34 million rise in revenues compared to last year.

In a statement, Dana Gas highlighted that oil production in the Kurdistan Region reached 37,000 barrels per day, alongside its gas production.

Despite facing several attacks in the Kurdistan Region, the company remains committed to completing the 'Kormor 250' project in the Khor Mor field.

Dana Gas PJSC, the largest private natural gas company in the Middle East, reported revenues of AED 356 million ($97 million) and net profits of AED 139 million ($38 million) in the first quarter of 2024, down from AED 183 million ($50 million) in the first quarter of 2023.

This decline was attributed to lower achieved selling prices of condensates during the first quarter of 2024 compared to the same period in 2023.

On April 26, a drone attack on a condensate storage tank in the Khor Mor gas field temporarily halted production. However, production resumed within days after the Iraqi government and the Kurdistan Regional Government took measures to enhance security and defense capabilities in the area.

This incident may impact the timeline for the completion of the Khor Mor 250 project, and Dana Gas continues to monitor the situation, promising to disclose further developments as they occur.

Established in December 2005 and listed on the Abu Dhabi Securities Exchange, Dana Gas is the first and largest private regional natural gas production company in the Middle East.

With operations in Egypt, the Kurdistan Region of Iraq, and the United Arab Emirates, the company boasts proven and probable reserves exceeding one billion barrels of oil equivalent and a daily production rate of approximately 60,000 barrels of oil equivalent. Dana Gas plays a crucial role in the natural gas sector's growth across the Middle East, North Africa, and South Asia.