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Energean said it has made a final investment decision (FID) for the development of the Irena gas field, offshore Croatia, along with partner INA – INDUSTRIJA NAFTE.

The development plan involves a single platform tie-back to existing infrastructure at the Izabela field, with first gas expected in the first half of 2027, Energean said in a news release.

The Irena gas field is located in the Izabela concession, which is operated by Edina, a 50-50 joint venture between Energean and INA. Energean has a 70 percent working interest in the concession. The total estimated capital expenditure for the project is around $82 million (EUR 71 million), with Energean’s share being about $57.8 million (EUR 50 million), the company said.

The concession is located in shallow water, with a water depth of around 147.6 feet (45 meters). Its P50 reserves are approximately 30.5 billion cubic feet (Bcf) gross, according to the release. Peak production is anticipated at around 8 million to 10 million standard cubic feet per day (MMscfd) gross, or 1,400 to 1,700 barrels of oil per day (boepd).

Energean said its net entitlement gas will be sold under its long-term Gas Sales Agreement with INA.

Francesco Federici, Energean’s Croatia Country Manager, said, “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 Bubnić, Operating Director of Exploration and Production at INA, said, “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”.

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First-Quarter Results

In the quarter ended March 31, Energean’s production for the period was 145,000 boepd, a 2 percent increase compared to the same period last year.

Production in Israel for the quarter was flat year-on-year, with higher sales in January and February relative to 2024, offset by the planned shutdown in March for essential work prior to the commissioning of the second oil train, the company said in an earnings release.

Story Continues

Group production for the quarter excluding Israel increased 9 percent year on year, primarily due to Cassiopea volumes in Italy offsetting natural decline in Egypt, Energean said.

Energean CEO Mathios Rigas said, “We are pleased to continue to safely operate as a diversified, gas-focused independent E&P company in the Mediterranean, holding over a billion barrels of oil equivalent with a 2P reserves life of 19 years”.

“We are actively assessing M&A [mergers and acquisitions] opportunities in addition to a number of organic growth options, with strict capital discipline, within the broader Europe, Middle East and Africa (EMEA) region to drive a new growth trajectory and repeat our development and production success in the East Mediterranean, in an expanded region,” Rigas added.

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