Energean and INA sanction €71M investment in Adriatic gas project

July 31, 2025, by Dragana Nikše

UK-based oil and gas player Energean and Croatia’s national petroleum company Industrija nafte (INA) have taken a final investment decision (FID) for the development of a gas field offshore Croatia.

As disclosed by Energean, the development plan for the Irena field entails a single platform tie-back to the existing infrastructure at the Izabela field, both of which are located in the Izabela concession. Energean has a 70% working interest in the project, while INA holds the remaining 30%. Their 50:50 joint venture called Edina operates the concession.

Francesco Federici, Energean’s Croatia Country Manager, stated: “We are thrilled to move forward with the development of the Irena gas field. This FID underscores Energean’s commitment to advancing natural resource development in Croatia and the wider Adriatic region.“

The concession is located in shallow water, with a water depth of around 45 meters. The Izabela field is located in the central part of the block, while the Irena field is located approximately 7 kilometers to the north.

First gas from the Irena field is expected in the first half of 2027, with peak production anticipated at around 8-10 million standard cubic feet per day (mmscfd) gross, or around 1,800 barrels of oil equivalent per day. Energean expects peak production to continue into 2027, 2028, and 2029, after which a decline is envisaged.

“The decision to invest in the development of the Irena gas field is another important step in advancing our strategy of strengthening domestic oil and gas production and ensuring Croatia’s long-term energy security. We are investing with a clear vision – to enhance energy supply security and maintain our leadership position in the region,” said Josip Bubnić, INA’s Operating Director of Exploration and Production.

The total estimated capital expenditure for the project is EUR 71 million, Energean’s share amounting to EUR 50 million. The UK player’s net entitlement gas will be sold under its long-term gas sales agreement with INA.

The Izabela field is a multi-reservoir dry gas field discovered in 2004 and developed with dual-completion wells. Gas production at Izabela started in 2014, using two production platforms and five producing wells. Production ceased in May 2025.

The Irena field is a structural-stratigraphic trap discovered in 2006, and it contains a single dry gas reservoir. P50 reserves at Irena are estimated at approximately 30.5 billion cubic feet gross, or around 5.4 million barrels of oil equivalent (mmboe).

Energean was looking to divest its portfolio in Croatia, Egypt, and Italy to an entity controlled by Carlyle International Energy Partners last year. However, the deal fell through as some regulatory approvals were not secured by the prospective buyer.