Energean processes with the development of the Katlan natural gas field in the sea of Israel.
More specifically, the company announced on Tuesday morning to the London and Tel Aviv stock exchanges that it has received the final investment decision for the project.
The Katlan field, discovered by Energean in the 2022 drilling campaign as the “Olympus Area” in a water depth of around 1,800 meters, is to be developed in phases with a subsea connection to the FPSO “Energean Power”, through which Karish fields (from October 2022) and Karish North (from February 2024) are already producing. The development will expand production from the FPSO with quantities of natural gas, which are not subject to export restrictions or the payment of royalties. Production from Katlan will support the company’s existing natural gas sales and target exports to international markets, subject to all necessary permits being granted by the Israeli government. The start of natural gas production is placed in the first half of 2027.
Mathios Rigas, CEO of the Energean group, commented on this:
“The decision to develop the Katlan field marks another milestone in Energean’s development journey and comes as no surprise to those who know our successful track record and commitment to efficient gas field development.
By developing the Katlan field, we will unlock additional value in the Israeli subsoil, which will contribute to energy security and sustainable development both in Israel and in the wider region.”
The development of the Katlan field will be implemented by TechnipFMC and envisages the creation of a system of four wells in a large production line with pipelines of approximately 30 kilometers. The investment amounts to 1.2 billion dollars.
