British gas producer Energean has taken the final decision to invest in the Irena gas field in the North Adriatic Sea off Croatia, it said on Wednesday.
The gas field is located in the Izabela concession, an offshore gas development area in the North Adriatic Sea, which is operated by Edina, a 50-50 joint venture between Energean and Croatian oil and gas company INA–Industrija Nafte.
Energean has a 70% working interest in the concession, it said in a statement.
The first gas at the Irena gas field is expected to be produced in the first half of 2027. Peak production is estimated to be around 1,400-1,700 barrels of oil equivalent per day, Energean added.
The total estimated capital expenditure for the project is 71 million euros ($81 million), with Energean’s share at 50 million euros.
($1 = 0.8723 euros)
(Reuters)