Dana Gas

Dana Gas PJSC is a publicly traded natural gas company headquartered in Sharjah, United Arab Emirates. Incorporated and listed on the Abu Dhabi Securities Exchange in 2005, it was established as a regional private-sector gas company with founding participation from Crescent Petroleum, the Government of Sharjah, regional businesses and individual investors. Its original strategic concept was to help supply natural gas to the northern emirates through a proposed arrangement involving Crescent Petroleum, the National Iranian Oil Company and a pipeline to Sharjah. That plan was affected by allegations, contractual disagreements and arbitration, and the pipeline has not become a major continuing source of supply. The company expanded rapidly in 2007 through the acquisition of Calgary-based Centurion Energy in a transaction reported at approximately US$1 billion. The acquisition gave Dana Gas a substantial operating presence in Egypt, where it subsequently developed a portfolio of Nile Delta concessions, gas fields, processing facilities and exploration interests. Egyptian operations became one of the company’s principal production bases, involving natural gas, condensate and associated liquids. Dana Gas has made discoveries and developed fields including Sondos, Azhar, Tulip, South Abu El Naga, Allium, West Sama and Balsam. Its Egyptian infrastructure includes the El Wastani and South El Manzala processing facilities, while maintenance, debottlenecking and well-recompletion programmes have been used to increase recovery and production. Dana Gas is also a major participant in Pearl Petroleum, a consortium formed with Crescent Petroleum and other international partners to develop gas resources in the Kurdistan Region of Iraq. Dana Gas and Crescent Petroleum each hold 35 percent of Pearl Petroleum. The consortium operates the Khor Mor and Chemchemal fields in the Kurdistan Region, with Khor Mor supplying gas to power stations serving Bazian, Chemchemal and Erbil. The project has become strategically important to regional electricity generation. Expansion work, including the KM250 project, was designed to increase processing capacity and production from Khor Mor. In the United Arab Emirates, Dana Gas operates the Zora gas field near Sharjah. The project includes offshore facilities, a pipeline and an onshore processing plant, and commercial production began in 2016. Zora is smaller than the company’s Egyptian and Kurdistan assets but represents Dana Gas’s domestic producing operation. The company’s development has been shaped by payment disputes, arbitration and financing challenges. Dana Gas and Pearl Petroleum have pursued claims concerning gas sales, field-development rights and delayed payments involving the Kurdistan Regional Government. The consortium reached a financial settlement with the KRG in 2017, followed by longer-term gas sales arrangements and investment programmes. Dana Gas also faced a major dispute over Islamic bonds, or sukuk, after arguing in 2017 that the securities were no longer Sharia-compliant. The dispute was resolved through a restructuring and new issuance in 2018, followed by the redemption of remaining obligations in 2020. Dana Gas remains an upstream and gas-processing business rather than a consumer-facing fuel brand. Its activities center on exploration, field development, natural gas production, condensate and LPG recovery, processing infrastructure, gas sales and participation in regional energy projects. Hamid Dhia Jafar serves as chairman, Richard Hall became chief executive officer in 2023, and Chris Hearne is identified as chief financial officer in the supplied reference material.

Dana Gas was incorporated in 2005 and listed on the Abu Dhabi Securities Exchange in the same year. Its founding shareholder base included Crescent Petroleum, the Government of Sharjah, regional businesses and individual investors. The company was created around the idea of developing a private-sector natural gas business serving the northern United Arab Emirates. An early proposed supply arrangement involved gas from Iran under an agreement between Crescent Petroleum and the National Iranian Oil Company signed in 2001. Although a pipeline from the Salman field to Sharjah was completed, allegations of corruption, contractual disagreements and litigation prevented it from becoming a consistent commercial supply route. It was used briefly for testing in 2010, while arbitration over compensation continued for years. The company’s first major international expansion came in January 2007, when it acquired Calgary-based Centurion Energy in a transaction reported at approximately US$1 billion. The acquisition established Dana Gas as a significant Egyptian operator. It subsequently developed and explored multiple Nile Delta concessions, made discoveries including Sondos, Azhar, Tulip and South Abu El Naga, and brought additional fields such as Allium-1 and West Sama-1 into commercial production. Dana Gas also operated gas-processing facilities at El Wastani and South El Manzala. Plant maintenance and debottlenecking work at El Wastani in 2014 was intended to raise production capacity, while later drilling and recompletion programmes supported continued recovery from mature and developing fields. Dana Gas expanded into the Kurdistan Region of Iraq through Pearl Petroleum, established in 2009 with Crescent Petroleum and international partners. Dana Gas and Crescent Petroleum each hold 35 percent of the consortium. Pearl Petroleum operates the Khor Mor and Chemchemal gas fields. Khor Mor began supplying gas in 2008 to power stations in Bazian, Chemchemal and Erbil, making the project an important source of fuel for electricity generation in the Kurdistan Region. The relationship with the Kurdistan Regional Government was repeatedly affected by disagreements over payments, development rights and the interpretation of contractual commitments. Pearl Petroleum pursued international arbitration and court proceedings, obtaining decisions supporting some of its claims and later reaching a financial settlement in 2017. Subsequent gas-sales agreements and expansion work created a framework for continued investment. The Kurdistan business became the company’s principal large-scale growth platform. The KM250 expansion programme, initiated in 2019, added 250 million standard cubic feet per day of processing capacity and was completed in 2025 according to the supplied reference material. The project was intended to increase supply to regional power generation while raising condensate and LPG output. Dana Gas’s UAE operations are centered on the Zora gas field near Sharjah. Development included an offshore platform, pipeline and onshore processing plant; commercial production began in 2016. Financing and creditor relations have been another important part of Dana Gas’s corporate history. The company raised approximately US$1 billion through convertible Islamic bonds, or sukuk, in 2007. In 2012 it did not repay a five-year sukuk at maturity, citing delayed customer payments and substantial receivables from Egypt and Iraqi Kurdistan. A later dispute began in 2017 when Dana Gas argued that approximately US$700 million of sukuk had ceased to comply with Sharia principles. The company proposed replacement securities, faced opposition from creditors and became involved in litigation in British and UAE courts. In 2018 it agreed with creditor representatives to issue replacement sukuk worth approximately US$530 million. Dana Gas later redeemed the remaining approximately US$309 million of the 2017 sukuk in 2020, ending the outstanding sukuk obligations described in the supplied sources. In Egypt, Dana Gas entered a new consolidation arrangement in December 2024 with the Ministry of Petroleum and Mineral Resources and EGAS. The agreement combined existing concessions, added exploration acreage and committed the company to a drilling and recovery programme. The supplied reference material reports early results in 2025 from the Begonia-2 appraisal well and planned recompletion work at Balsam-3. These activities illustrate the company’s continuing emphasis on extending production from existing Egyptian assets while pursuing additional exploration. Dana Gas is managed as an upstream and midstream energy company rather than a consumer brand. Its business includes gas exploration, field development, natural gas production, condensate and LPG recovery, gas processing, pipeline and platform operations, and gas sales to power-sector customers. Hamid Dhia Jafar has served as chairman since 2015. Richard Hall became chief executive officer in November 2023, succeeding Patrick Alman-Ward. The company’s current portfolio remains concentrated in Egypt, Iraqi Kurdistan and the UAE.

• 2025

  KM250 expansion completed

  [1]Dana Gasen.wikipedia.org

  The Khor Mor KM250 project was reported as completed, adding 250 million standard cubic feet per day of processing capacity.

• 2024

  Egyptian consolidation agreement

  [1]Dana Gasen.wikipedia.org

  Dana Gas agreed to consolidate Egyptian concessions and undertake a new drilling and recovery programme.

• 2020

  Sukuk obligations concluded

  [1]Dana Gasen.wikipedia.org

  Dana Gas redeemed the remaining 2017 sukuk obligations.

• 2018

  Replacement sukuk issued

  [1]Dana Gasen.wikipedia.org

  Dana Gas completed a replacement sukuk issuance after negotiations with creditor representatives.

• 2017

  Kurdistan settlement

  [1]Dana Gasen.wikipedia.org

  Pearl Petroleum and the Kurdistan Regional Government reached a settlement involving payments to the consortium and a regional-development commitment.

• 2016

  Zora commercial production

  [1]Dana Gasen.wikipedia.org

  Commercial production began at the Zora gas field near Sharjah in the United Arab Emirates.

• 2014

  Egyptian concession expansion

  [1]Dana Gasen.wikipedia.org

  Dana Gas received two additional Nile Delta exploration and development blocks and pursued further exploration partnerships.

• 2009

  Pearl Petroleum established

  [1]Dana Gasen.wikipedia.org

  Dana Gas and Crescent Petroleum formed Pearl Petroleum with international partners to develop Kurdistan gas resources.

• 2008

  Khor Mor begins gas supply

  [1]Dana Gasen.wikipedia.org

  The Khor Mor facility in the Kurdistan Region began supplying gas to regional power stations through Pearl Petroleum.

• 2007

  Centurion Energy acquisition

  [1]Dana Gasen.wikipedia.org

  Dana Gas acquired Calgary-based Centurion Energy in a transaction reported at approximately US$1 billion, establishing its Egyptian operating platform.

• 2005

  Incorporation and Abu Dhabi listing

  [1]Dana Gasen.wikipedia.org

  Dana Gas was incorporated and listed on the Abu Dhabi Securities Exchange, supported by Crescent Petroleum, the Government of Sharjah and regional investors.

A regional private-sector natural gas producer and processor focused on upstream assets, gas infrastructure and power-sector supply in the Middle East.

• Energy commodity

  Natural gas

  Natural gas is Dana Gas’s principal product. The company explores for and produces gas in Egypt and the Kurdistan Region of Iraq, with additional UAE production from the Zora field. Much of the gas is sold to power-sector customers and processed through company-operated or consortium-operated facilities.

• Hydrocarbon liquids

  Condensate

  Condensate is recovered alongside gas production from Dana Gas assets, particularly in Egypt and the Kurdistan Region. It is produced, processed and marketed as a liquid hydrocarbon stream associated with gas-field operations.

• Gas liquids

  Liquefied petroleum gas

  LPG is produced as part of the Khor Mor processing operation in Iraqi Kurdistan. Its recovery forms part of the broader value proposition of the field, alongside dry gas and condensate production.

• Energy infrastructure

  Gas processing infrastructure

  Dana Gas operates or participates in processing plants, pipelines and field facilities that condition gas for sale. Notable infrastructure includes the El Wastani and South El Manzala plants in Egypt, Khor Mor facilities in Iraqi Kurdistan and the Zora platform and processing system in the UAE.

• 2024

  Consolidate Egyptian concessionsStrategy

  Background

  Dana Gas sought to simplify its Egyptian concession structure and extend exploration and recovery opportunities.

  Action taken

  The company signed a consolidation agreement with Egypt’s Ministry of Petroleum and Mineral Resources and EGAS, adding exploration acreage and committing to drill 11 wells.

  Aftermath

  The programme was intended to add reserves and improve recovery from the consolidated concession area; early results were reported in 2025.

  Committed investment. US$100 million (December 2024)

  Source

• 2019

  Expand Khor Mor processing capacityStrategy

  Background

  Growing regional electricity demand created a strategic case for increasing gas supply from the Khor Mor field.

  Action taken

  Pearl Petroleum began the KM250 expansion programme, designed to add 250 million standard cubic feet per day of processing capacity.

  Aftermath

  The project was reported as completed in 2025 and increased the field’s processing capability.

  Source

• 2018

  Issue replacement sukukOther

  Background

  Dana Gas needed to resolve the outstanding financing dispute after its earlier proposal was contested by creditors.

  Action taken

  The company agreed with creditor representatives to issue new sukuk valued at approximately US$530 million, listed on Euronext Dublin.

  Aftermath

  The restructuring replaced the disputed securities and preceded the later buyback and redemption programme.

  Replacement sukuk value. Approximately US$530 million (2018)

  Source

• 2017

  Challenge the existing sukuk structureStrategy

  Background

  Dana Gas argued that its outstanding sukuk no longer complied with Sharia principles and sought to change the financing structure.

  Action taken

  The company stopped payments on approximately US$700 million of sukuk, proposed replacement securities and pursued adjudication after creditors rejected the initial proposal.

  Aftermath

  The dispute generated conflicting court decisions and was ultimately followed by a replacement sukuk issuance in 2018 and redemption of the remaining obligations in 2020.

  Sukuk principal under dispute. Approximately US$700 million (2017)

  Source

• 2017

  Settle Kurdistan payment and development disputesStrategy

  Background

  Pearl Petroleum had pursued claims concerning delayed payments and restrictions on development of Kurdistan gas fields.

  Action taken

  The consortium reached a settlement with the Kurdistan Regional Government involving payments to the companies and a separate regional-development commitment.

  Aftermath

  The settlement improved liquidity and provided a basis for continued field investment and later gas-sales agreements.

  Settlement and regional-development commitments. US$600 million to the companies and US$400 million for regional development (August 2017)

  Source

• 2007

  Acquire Centurion EnergyM&A

  Background

  Dana Gas sought to build an international operating base and expand beyond its original UAE-focused gas concept.

  Action taken

  The company acquired Calgary-based Centurion Energy in a transaction reported at approximately US$1 billion.

  Aftermath

  The transaction established Egypt as one of Dana Gas’s core operating markets.

  Reported transaction value. Approximately US$1 billion (January 2007)

  Source

• Unconfirmed

  Reported2020.10.15

  Dana Gas obtains a $90 million loan[2]Dana Gas获得9000万美元贷款economictimes.indiatimes.com

  Dana Gas said it had obtained a one-year $90 million loan from Mashreq Bank.

Read more

1. 1Dana Gasen.wikipedia.org
2. 2Dana Gas获得9000万美元贷款economictimes.indiatimes.com