Greek energy company Energean (100%, operator) announced the final investment decision (FID) on the Katlan field development project offshore Israel in the Mediterranean Sea. Capital expenditures will amount to approximately $1.2 billion.
The field is located at a water depth of up to 1,800 m. The first stage of development will include a subsea tie-in to Energean Power’s existing floating production, storage and offloading vessel (FPSO). Production is scheduled to begin in the first half of 2027.
The capital expenditure projected by Energean covers subsea infrastructure, upgrades to the floating production, storage and offloading (FPSO) topsides for processing, injection and storage of monoethylene glycol (MEG), and drilling of the first two development wells, named Athena and Zeus, the company said.
The two wells are expected to produce 170 mmboe, including 26 bcm of gas with 2P reserves.
The Israeli Ministry of Energy and Infrastructure has granted a 30-year lease for the Katlan area with an option for a 20-year extension.
The Phase 1 development plan, which includes the Athena, Zeus, Hera and Apollo fields, was approved by the Israeli government in December 2023. This phase includes a total production of 229 mmboe, including 35 bcm of gas.
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