Published by Global Banking & Finance Review®
Posted on July 30, 2025
1 min readLast updated: January 22, 2026
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Energean has approved its investment in the Irena gas field in Croatia, with production expected by 2027. The project involves significant financial commitments.
LONDON (Reuters) -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)
(Reporting by Nina ChestneyEditing by Frances Kerry)
Capital expenditure refers to funds used by a company to acquire or upgrade physical assets such as property, industrial buildings, or equipment. It is a significant investment intended to improve the company's long-term value.
A gas field is a region with a significant concentration of natural gas resources. It is often explored and developed for the extraction of gas, which can be used for energy production and other applications.
Peak production refers to the maximum output level that a gas field or oil well can achieve. It is a critical metric for assessing the potential profitability and longevity of energy projects.
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