Latest news with #Energean
Yahoo
31-07-2025
- Business
- Yahoo
Energean and INA announce FID for Irena gas field in Croatia
UK-based Energean, in partnership with INA – INDUSTRIJA NAFTE, has announced the final investment decision (FID) to develop the Irena gas field offshore Croatia. The Irena field is part of the Izabela concession, operated by Edina, a joint venture (JV) equally owned by Energean and INA, a Croatian oil and gas company. Its development plan includes a single platform tied-back to existing infrastructure at the Izabela field. Energean holds a 70% working interest in the concession, which is located in shallow waters at a depth of approximately 45m. The field's P50 reserves are estimated at around 30.5 billion cubic feet gross, equivalent to 5.4 million barrels of oil equivalent. Energean Croatia country manager Francesco Federici said: '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. 'This is a strategic investment, and we extend our gratitude to our partner, INA, for their fruitful collaboration over the years and look forward to continued success together.' INA operating director of exploration and production Josip Bubnić added: '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.' The total estimated capital expenditure for the Irena project stands at €71m ($81.2m), with Energean's share amounting to €50m (£43.23m), reflecting its 70% working interest. Energean's net entitlement gas will be sold under its long-term gas sales agreement with INA. The Irena gas field is expected to commence production in the first half of 2027, with peak production forecast at between eight and ten million standard cubic feet per day gross, equivalent to 1,400–1,700 barrels of oil equivalent per day. "Energean and INA announce FID for Irena gas field in Croatia " was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
30-07-2025
- Business
- Reuters
UK's Energean takes final investment decision on Croatian gas field
LONDON, July 30 (Reuters) - British gas producer Energean (ENOG.L), opens new tab 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)
Zawya
30-07-2025
- Business
- Zawya
Egypt: Badawi discusses boosting oil, gas cooperation with Energean
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi explored ways to enhance cooperation in the oil and gas sector with Greek company Energean, according to a statement. In his meeting with Mathios Rigas, CEO of Energean, Badawi discussed expanding the implementation of carbon capture and storage technologies, highlighting the Egyptian-Greek consensus on adopting environmental sustainability solutions and reducing carbon emissions. Badawi emphasized that Egyptian-Greek relations are witnessing growing strategic cooperation, especially in the energy sector. He added that the state managed to overcome major challenges in the energy sector despite geopolitical circumstances by increasing research and exploration activities and applying several incentives to encourage international companies to increase investments. Moreover, Egypt paid great attention to developing the gas sector's infrastructure by diversifying energy sources and securing floating storage and regasification units (FSRUs) to meet the needs of the local market and different economic sectors. For his part, Rigas hailed Egypt's political and economic stability, which positions it as a strategic and attractive country for investment in the energy sector. He also expressed his pleasure with the existing cooperation in the company's natural gas production concession areas in the Mediterranean. The CEO affirmed Energean's interest in expanding partnerships with Egypt, particularly in carbon capture and storage projects, as well as in fertilizer production. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Yahoo
29-06-2025
- Business
- Yahoo
Israeli gas flows to Egypt return to normal as Iran truce holds
(Bloomberg) — Israeli natural gas flows to Egypt returned to normal levels after a truce with Iran allowed the Jewish state to reopen facilities shuttered by the 12-day conflict. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown Daily exports have climbed to 1 billion cubic feet per day, according to two people with direct knowledge of the situation. That's up from 260 million cubic feet when Israel's Leviathan gas field, the country's biggest, restarted on Wednesday, they said, declining to be identified because they're not authorized to speak to the media. The increased flows have let Egyptian authorities resume supplies to some factories that had been halted because of the shortages. Israel temporarily closed two of its three gas fields — Chevron-operated Leviathan and Energean's Karish — shortly after launching attacks on Iran on June 13. The facilities that provided the bulk of exports to Egypt and Jordan resumed operations last week after a US-brokered ceasefire with the Islamic Republic took hold. The ramped-up supplies are a relief for Cairo, which has swung from a net exporter to importer of natural gas in recent years. As Israel and Iran traded blows, Egypt enacted contingency plans that included seeking alternative fuel purchases, limiting gas to some industries and switching power stations to fuel oil and diesel to maintain electricity output. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
27-06-2025
- Business
- Yahoo
Israel resumes natural gas exports from Karish and Leviathan gas fields
Israel's Leviathan and Karish natural gas fields have resumed operations after a near two-week shutdown due to regional conflict, reinstating vital energy exports to Egypt and Jordan. The Leviathan and Karish fields, managed by Chevron and Energean, respectively, recommenced operations after a ceasefire was reached between Israel and Iran. The reopening of these fields, which had been closed since 13 June, is set to restore natural gas supplies under existing sales agreements. The move is expected to increase gas exports, raise tax revenues, and provide greater operational flexibility for the electricity and industrial sectors. Earlier this month, Israel recommenced limited natural gas exports, prioritising domestic needs. The cessation of operations at Leviathan led to a loss of $12m (NIS40.62m) in revenue, according to a regulatory filing by Chevron's partners in Leviathan, NewMed and Ratio Energies, reported Reuters. The companies are considering seeking compensation from the state for the production halt. Leviathan, which currently produces 12 billion cubic metres (bcm) of gas annually for Israel, Egypt and Jordan, is projected to increase its output to approximately 14bcm by 2026. Israeli gas is a significant energy source for Egypt, accounting for 15–20% of its consumption, as per the Joint Organisations Data Initiative. The disruption forced Egyptian fertiliser producers to cease operations due to the gas supply shortfall. However, Egyptian Prime Minister Mostafa Madbouly has announced that gas supplies to factories will recommence from Friday, as stated in a cabinet release. According to Egyptian sources, imports from Israel are expected to ramp up gradually, with full operations likely by Saturday. Egypt also imports liquefied natural gas (LNG) for regasification. Currently, only one of the country's three floating storage and regasification units (FSRUs) is operational. The Energos Eskimo FSRU is set to become operational shortly, enhancing Egypt's capacity to regasify imported LNG and integrate it into the national gas grid. "Israel resumes natural gas exports from Karish and Leviathan gas fields" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
