Energean has confirmed final approval to commence development of the Irena gas field, located in shallow waters of the Adriatic Seaoff the coast of Croatia. This decision marks a strategic step in its regional expansion plan in collaboration with the Croatian state-owned company INA (Industrija Nafte).
A platform integrated to the existing infrastructure
The project contemplates the installation of a single platform that will be directly connected to the infrastructure of the Izabela field. Izabela fieldfield, operated by the Edina d.o.o. joint venture, owned in equal parts by Energean and INA.
This integration will optimize development times and costs, with a view to starting production in the first half of 2027.
Irena gas field investment details
With a depth of approximately 45 meters, the Irena field has estimated reserves of 30.5 Bcf gross. Peak production is expected to reach 8 to 10 million standard cubic feet per day.
The total investment amounts to 71 million euros, of which Energean will contribute 50 million euros, corresponding to its 70% share.
The gas extracted by Energean will be marketed under the long-term sales agreement already in force with INA, thus consolidating the cooperation between both entities.
A boost for regional energy security
Francesco Federici, Energean’s country manager in Croatia, stressed that this step reaffirms the company’s commitment to the responsible use of Adriatic resources. For his part, Josip Bubnić of INA emphasized that this development makes a significant contribution to strengthening Croatia’s energy self-sufficiency in the medium and long term.
The approval of the Irena development consolidates Energean as a key player in the region, strengthening its position in the European gas supply chain. European gas supply chain and reaffirming and reaffirming its growth strategy in the southeast of the continent.
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Source and internal photo: Energean
Main photo: Shutterstock
