Energean, the leading gas focused E&P firm in the greater Mediterranean region, has made a Final Investment Decision (FID) for the development of the Katlan gas field in the Israeli Mediterranean. The announcement was made on Tuesday morning, July 23, to the London and Tel Aviv stock exchanges.
The Katlan gas field, discovered by Energean in 2022 at a depth of around 1,800 meters in the “Olympus Area,” will be developed in phases and linked subsea to the FPSO “Energean Power,” which currently services the Karish and Karish North fields.
This expansion will boost FPSO output with gas free from export restrictions and royalties. The added production will support existing sales and aim for international exports, subject to Israeli government approvals, with production slated to start in the first half of 2027.
The development of the Katlan field will be undertaken by TechnipFMC and involves creating a system of four wells connected by a major production line with approximately 30 kilometers of pipelines. The investment for the project is estimated at 1.2 billion dollars.
It is noted that Israel’s Ministry of Energy and Infrastructure has granted Energean a 30-year license for the Katlan field, with an option to extend for an additional 20 years.
Energean CEO Mathios Rigas highlighted that the decision to develop the Katlan field represents a significant milestone in the company’s growth. He emphasized that this move aligns with Energean’s proven track record and dedication to efficient gas field development.
The Katlan project is expected to unlock additional value in Israeli waters, enhancing energy security and supporting sustainable development in both Israel and the wider region.
Source: tovima.com
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