Energean and INA have committed a total of €71 million to develop the Irena gas field in the northern Adriatic, with gas production expected to begin in 2027.

Target Information

Energean and INA have jointly decided to invest in the development of the Irena gas field located in the northern Adriatic Sea, part of the Izabela exploration block. The total capital expenditure for this project is estimated at €71 million, with Energean contributing €50 million and INA providing €21 million. Energean holds a 70% working interest in the project, while INA maintains the remaining 30%. The operator of the Izabela block is Edina, a 50:50 joint venture between Energean and INA.

The development plan includes connecting a production platform to the existing infrastructure at the Izabela gas field. Gas production is anticipated to commence in the first half of 2027, with a maximum daily capacity of up to 300,000 cubic meters. The estimated reserves at the Irena field are approximately 865 million cubic meters of gas, equivalent to about 5.4 million barrels of oil.

Industry Overview

Croatia's oil and gas industry plays a significant role in the region, focusing on both exploration and production of hydrocarbons. The country has been making strides towards securing its energy independence, particularly in th