UK-based Energean and INA have made the final investment decision to develop the Irena gas field offshore Croatia. The field is part of the Izabela concession, with Energean holding a 70% working interest. Estimated reserves are 30.5 billion cubic feet gross. Peak production is expected in the first half of 2027.

The development plan includes a single platform tied-back to existing infrastructure at the Izabela field. Total estimated capital expenditure for the Irena project is €71m ($81.2m), with Energean’s share at €50m (£43.23m). Energean’s net entitlement gas will be sold under a long-term gas sales agreement with INA.

Energean and INA are committed to advancing natural resource development in Croatia and ensuring long-term energy security. The Irena gas field is a strategic investment with peak production forecast at 8-10 million standard cubic feet per day gross. The FID signifies progress in strengthening domestic oil and gas production.

Read more at Yahoo Finance: Energean and INA announce FID for Irena gas field in Croatia