Energean to invest in the Katlan project and support its development

Energean issued a statement informing that it has made the Final Investment Decision (FID) to move forward with the Katlan development project in Israel, which will exploit the Katlan area’s reserves through a phase that includes a subsea mooring system connected to the FPSO Energean Power.

By leveraging this infrastructure, the company will extend the FPSO’s production plateau and also guarantee royalty-free production from the seller and no export restrictions, supporting the agreements of gas sales agreements agreements in both the local and international markets.

First gas is expected to be available in the first half of 2027.

New development in Katlan

The company has also received official confirmation from Israel’s Ministry of Energy and Infrastructure, which has granted a 30-year lease for the Katlan area, with a 20-year extension option. In addition, the ministry has ratified the Hermes discovery in the newly named Drakon area (Block 31), discovery made during last year’s drilling campaign.

This new development aligns with the company’s strategy of maximizing the value of its assets and its focus on energy security and sustainable development in the region.

For his part, the company’s CEO, Mathios Rigas, expressed his satisfaction with this breakthrough, noting that the decision to proceed with the project is a reflection of the company’s continued commitment to the rapid development and production of its gas assets.

This project will not only unlock significant value in the Israeli subsoil, but will also contribute to energy security and sustainable development in Israel and the wider region.

Rigas stated.

Relevant data and planned future

Notably, Energean is the exclusive owner and operator of the Katlan Lease (I/21) and the fields are located in water depths of up to 1,800 meters. The development plan for Phase 1 was approved by the Israeli government in December last year, including a promising future for additional phases that will benefit from the infrastructure and improvements made in Phase 1.

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Source and photo: Energean