Energean PLC and Industrija Nafte d.d. (INA) made a final investment decision (FID) to develop Irena gas field in the the northern Adriatic Sea near the maritime border between Italy and Croatia.
The field is in the Izabela concession in about 45 m of water about 7 km from Izabela field, in the northern part of the block. Development plans call for a single platform tie-back to existing infrastructure at Izabela field, Energean said in a release July 30.
According to Energean's website, Irena field is a structural-stratigraphic trap discovered in 2006 and contains a single dry gas reservoir in the Ravenna formation of Pleistocene age.
First gas is expected in first-half 2027, with expected peak production of about 8-10 MMscfd. Estimated reserves at the Irena field amount to about 865 million cu m of gas, equivalent to about 5.4 MMboe, INA said in a separate release.
Total estimated capital expenditure for the project is EUR 71 million.
The concession is operated by Edina d.o.o., a 50-50 joint venture between Energean and INA. Energean holds 70% with INA holding the remaining 30%.
