UK-based oil and gas company Energean and Croatian state energy firm INA have officially sanctioned a €71 million investment to develop the Irena gas field offshore Croatia.
This final investment decision (FID) marks a significant step forward in the Adriatic region’s energy development. The Irena field will be tied back to existing infrastructure at the Izabela field, with both fields located in the Izabela concession. The project is being managed by Edina, a 50:50 joint venture between Energean and INA. Energean holds a 70% working interest, and INA owns 30%.
Francesco Federici, Country Manager at Energean Croatia, expressed enthusiasm:
“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.”
The Irena field is located approximately 7 kilometers north of the Izabela platform in shallow water (around 45 meters deep). Production is expected to begin in the first half of 2027, with peak output of 8–10 million standard cubic feet per day or around 1,800 barrels of oil equivalent per day (boe/d).
INA’s Operating Director of Exploration and Production, Josip Bubnić, emphasized the strategic value:
“This investment is key to strengthening domestic gas supply and ensuring Croatia’s long-term energy security.”
Energean’s share of the investment totals €50 million, and its net gas output will be sold under its existing long-term contract with INA.
The Irena field, discovered in 2006, is estimated to hold 30.5 billion cubic feet of gas (approximately 5.4 million boe). The development comes after Izabela field’s production ceased in May 2025.
Energean previously attempted to sell assets in Croatia, Egypt, and Italy to Carlyle International Energy Partners, but the deal collapsed due to regulatory delays.
