Energean and partner INA have taken a final investment decision for the development of the Irena gas field in the Adriatic Sea offshore Croatia, the company said on Wednesday.
The project involves a single platform tie-back to the existing infrastructure at the Izabela field, with first gas expected in H1 2027. Energean holds a 70% working interest and will invest EUR 50 million of the total EUR 71 million capital expenditure.
The concession lies in 45 metres of water and contains P50 reserves of 30.5 bcf. Peak production is estimated at 8-10 mmscfd gross, with Energean’s net entitlement gas to be sold under its long-term gas sales agreement with INA.
“We are thrilled to move forward with the development of the Irena gas field,” Energean Croatia country manager Francesco Federici said.
“This FID underscores Energean’s commitment to advancing natural resource development in Croatia and the wider Adriatic region.”
London-headquartered Energean is an independent E&P company focused on the Mediterranean region, with operations in Greece, Israel, Egypt, Italy, Croatia and the UK. It specialises in the development of offshore gas assets and is a key regional player in gas supply.
“The decision to invest in the development of the Irena gas field is another important step in advancing our strategy of strengthening domestic oil and gas production,” INA operating director of exploration and production Josip Bubnić said.
Semi-private INA is Croatia’s leading oil and gas company, with upstream and downstream operations across the country and the wider region. It engages in exploration, production, refining and marketing of hydrocarbons and petroleum products, and is a key contributor to national energy security.