Dana Gas profits decline after Khor Mor field attack in Kurdistan Region

Shafaq News/ Dana Gas, listed on the Abu Dhabi Securities Exchange, reported a 13.48% decline in profits for the first half of 2024 compared to the same period last year.

The company disclosed in a statement that it earned $72 million (263 million dirhams) in the first half of 2024. This compares with $83 million, or 304 million dirhams, in the same period of 2023.

Revenue fell by 14% to $190 million (696 million dirhams) in the first half of the current year, down from $222 million, or 814 million dirhams, in the first half of the previous year.

Dana Gas’s profit for the first quarter of 2024 dropped 24% year-on-year to 139 million dirhams ($38 million), compared to 183 million dirhams ($50 million) in Q1 2023.

On April 26, one of the condensate storage tanks at the Khor Mor gas field in the Kurdistan Region, where Dana gas operates, was attacked by a drone, leading to an immediate halt in production.

Production levels returned to normal within a few days after the Iraqi and Kurdistan Regional Governments took necessary measures, including serious commitments to enhance security and defensive capabilities at the Khor Mor field.