Energean has announced that it, alongside its partner INA, have taken Final Investment Decision ('FID') for the development of the Irena gas field, offshore Croatia.
Energean has a 70% working interest in the project. The development plan is for a single platform tie-back to the existing infrastructure at the Izabela field. First gas is expected in H1 2027.
Francesco Federici, Energean’s Croatia Country Manager, stated:
'We are thrilled to move forward with the development of the Irena gas field. This FID underscores Energean’s commitment to advancing natural resource development in Croatia and the wider Adriatic region. This is a strategic investment and we extend our gratitude to our partner, INA, for their fruitful collaboration over the years and look forward to continued success together.'
Josip Bubnic, Operating Director of Exploration and Production at INA, stated:
'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 and ensuring Croatia’s long-term energy security. We are investing with a clear vision – to enhance energy supply security and maintain our leadership position in the region.'
Irena project overview
- The Irena gas field is located in the Izabela concession, which is operated by Edina d.o.o., a 50:50 joint venture between Energean and INA. Energean has a 70% W.I. in the concession.
- The concession is located in shallow water, with a water depth of around 45 metres.
- P50 reserves are approximately 30.5 Bcf gross (5.4 mmboe).
- First gas from the Irena field is expected in H1 2027, with peak production anticipated at around 8-10 mmscfd gross (1,400-1,700 boe/d).
- The total estimated capital expenditure for the project is EUR 71 million (100% gross), with Energean’s share at EUR 50 million (70% W.I.).
- Energean’s net entitlement gas will be sold under its long-term Gas Sales Agreement with INA
Source: Energean
