Dana Gas

What Dana Gas does

Dana Gas PJSC (ADX:DANA) is the Middle East's largest independently listed natural gas-focused exploration and production company, headquartered in Sharjah, UAE, with gross production of 53.5 kboepd and 2P reserves of 1,107 mmboe across three operating geographies: the Kurdistan Region of Iraq (KRI), Egypt, and the UAE. The company produces natural gas, condensate (~6,409 bbl/day) and associated liquids, supplying baseload fuel to government-linked power plants and industrial customers under long-term gas supply agreements; its core asset is the Khor Mor facility, where the KM250 expansion raised processing capacity by 50% to 750 MMscf/d in October 2025, completed eight months ahead of schedule on a $1.1 billion budget.

The business model is upstream commodity revenue: usage-based sales of produced gas and condensate priced against Brent crude benchmarks and individual offtake contracts, distributed through direct B2B channels to ministries (KRI Ministry of Natural Resources, KRI Ministry of Electricity) and Egyptian state entities under the Consolidated Concession Agreement signed in late 2024. Operations are executed through the Pearl Petroleum joint venture with Crescent Petroleum for KRI assets, with financing supported by a $700M sukuk program (2018 refinancing), Pearl Petroleum's $350M senior secured bond, and US DFC facilities. The company maintains a $215M net cash position and distributed an 18% dividend increase for 2025 despite a 22% revenue decline to $348M.

Dana Gas is actively diversifying beyond conventional gas: in November 2025 it became the first developer to sign an MoU with the Syrian Petroleum Company to redevelop post-war Syrian gas fields; in May 2026 it partnered with UK-based Levidian to develop the Sharjah Graphene Hub for industrial-scale methane-to-graphene production (~15 tpa initial output, USD 2-5M phase one, USD 5-50M+ expansion); and it is executing a $100M Egypt investment programme targeting 11 new wells, anchored by a 10 bcf Nile Delta discovery that delivered the first Egyptian production growth since 2017 (Q1 2026: +4% YoY to 13,060 boepd, with profit up 72% to ~$74M).

Name

Dana Gas

Legal name

Dana Gas PJSC

Website

https://danagas.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Dana Gas PJSC is the Middle East's largest independently listed natural gas E&P company, producing ~53.5 kboepd across the Kurdistan Region of Iraq, Egypt and the UAE, supplying government utilities and industrial customers under long-term offtake agreements.

Ownership category

akta.pro rank

Product category

Natural Gas Exploration and Production

NAICS

Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA)

Keywords

• Natural gas production
• Exploration and production
• Upstream oil and gas
• Gas processing services
• Condensate sales

Headquarters

HQ city

Al Ma`sarah Al Mahattah

HQ country

Egypt

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Natural Gas Sales: Dana Gas generates revenue primarily through the sale of natural gas produced from its KRI and Egypt operations. Gas is sold to power generation facilities and industrial customers under long-term supply agreements. Pricing is linked to Brent crude oil benchmarks.
2. Condensate and Oil Sales: The company also generates revenue from the sale of condensate and oil by-products extracted alongside natural gas production. Condensate production averages approximately 6,409 bbl/day.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Dana Gas is a publicly listed natural gas-focused exploration and production (E&P) company operating across the Kurdistan Region of Iraq, Egypt, and the United Arab Emirates. The company explores for, produces, processes, and sells natural gas, condensate, and oil by-products primarily to government utilities for power generation and to large industrial customers under long-term supply agreements. It also holds interests in joint-venture operations including the Khor Mor and Chemchemal gas fields via Pearl Petroleum.

Product overview

Dana Gas PJSC is the Middle East's largest privately listed natural gas company, focused on sustainable growth across the natural gas value chain. The company operates a portfolio of exploration and production assets through both wholly-owned operations and joint ventures. Core operations include the Khor Mor and Chemchemal gas fields in the Kurdistan Region of Iraq (operated via the Pearl Petroleum joint venture with Crescent Petroleum), upstream assets in Egypt's Nile Delta, and UAE operations. The company completed the $1.1 billion KM250 expansion at Khor Mor in October 2025, adding 250 MMscf/d of processing capacity. Recent initiatives include the Sharjah Graphene Park partnership with UK-based Levidian for graphene production using methane-to-graphene technology, and Syria gas field rehabilitation assessments via MoU with Syrian Petroleum Company. With gross production of 53.5 kboepd and 2P reserves of 1,107 mmboe, Dana Gas serves regional power generation and industrial customers across three MENA markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Exploration and Production

Quantifiable outcome

• Q1 2026 production increased 4% year-on-year to 13,060 boepd in Egypt, first growth since 2017
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Levidian (UK)coreStrategic or Co-development Partner · 6 May 2026Dana Gas PJSC and UK-based Levidian signed an MoU during the 'Make it in the Emirates' exhibition to develop the Sharjah Graphene Hub for industrial-scale graphene production using Levidian's patented LOOP technology. The initiative builds on an existing pilot partnership from January 2025 and will start with an estimated annual output of around 15 tonnes of graphene, with initial phase investment of USD 2-5 million and potential expansion investment of USD 5-50 million or more.
• Syrian Petroleum Company (SPC)coreStrategic or Co-development Partner · 11 November 2025Dana Gas signed an MoU with the Syrian Petroleum Company to evaluate the redevelopment of existing gas fields in Syria, including the Abu Rabah field. This agreement marks Dana Gas as the first gas developer to sign such an arrangement with SPC, part of Syria's efforts to revive its hydrocarbons sector after the civil war.
• Crescent PetroleumcoreStrategic or Co-development Partner · 16 October 2025Dana Gas and Crescent Petroleum jointly completed the KM250 gas expansion project at the Khor Mor facility in Iraq's Kurdistan Region, adding 250 MMscf/d of new processing capacity and raising total output to 750 MMscf/d, a 50% increase. The $1.1 billion project was delivered eight months ahead of schedule.
• Arcius Energy, Mubadala Energy, Dragon OilminorStrategic or Co-development PartnerUAE companies including Dana Gas are working with Egypt to enhance collaboration in the oil and gas sector, including investments and infrastructure projects, with initiatives to establish Egypt as a regional energy hub.

Scale indicators11 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Crescent Petroleum: Crescent Petroleum is Dana Gas's direct JV partner in Pearl Petroleum and co-operator of the Khor Mor and Chemchemal gas fields in Kurdistan Region of Iraq. It is a privately held Sharjah-based gas-focused E&P operator with overlapping KRI gas operations and a comparable MENA footprint.
• Genel Energy: Genel Energy is a publicly listed E&P company historically focused on the Kurdistan Region of Iraq, producing oil from the Taq Taq field and holding interests in other KRI acreage. Its single-region KRI concentration and contracted offtake model closely mirror Dana Gas's KRI business.
• Gulf Keystone Petroleum: Gulf Keystone is a mid-cap E&P operator focused on the Kurdistan Region of Iraq, primarily producing from the Shaikan field. It is a like-for-like comparator to Dana Gas in terms of size, KRI concentration, and contracted regional offtake dynamics.
• Dragon Oil: Dragon Oil is a UAE-headquartered upstream operator with significant Egypt (and Turkmenistan) production and a MENA gas/oil mix. Like Dana Gas, it combines Gulf-headquartered corporate identity with Egypt and broader MENA production exposure.

Broad incumbents

• Mubadala Energy: Mubadala Energy is the Abu Dhabi sovereign-backed energy company operating across gas and upstream assets in MENA and Southeast Asia. It is a broader incumbent in the same regional gas-upstream space and is named alongside Dana Gas in UAE–Egypt sector collaboration initiatives.
• OQ (OQ Exploration & Production): OQ is the Oman national energy group operating upstream gas and liquids production and gas infrastructure across Oman. It is a comparable regional state-affiliated gas-focused incumbent with similar midstream and processing operations adjacent to Dana Gas's MENA gas value chain.
• Eni: Eni is a global supermajor with one of the largest upstream positions in Egypt, including gas developments in the Nile Delta and Mediterranean. It is directly comparable to Dana Gas's Egyptian upstream business but at much larger scale and with broader geographic diversification.
• TAQA: TAQA is the Abu Dhabi national utilities and energy company with significant gas and power assets across the UAE and internationally. It provides a comparable Abu Dhabi-listed, gas-and-power exposure benchmark for Dana Gas's UAE footprint.
• BP (Egypt business): BP operates the West Nile Delta gas development and other Egyptian upstream assets and is a major regional gas producer alongside Dana Gas in the Nile Delta. It represents a broader-incumbent gas E&P peer in the same Egyptian operating environment.

Regional players

• Wintershall Dea: Wintershall Dea operates upstream gas and oil assets across MENA (including Egypt and Libya) and Europe, with a strong emphasis on gas-weighted production. It is comparable to Dana Gas's mix of conventional gas E&P plus processing and gas marketing to industrial and power customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dana-gas

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dana Gas