Energean is committed to the expansion of its portfolio with the natural gas fields under development in the areas where it operates with the adoption of the Final Investment Decision (FID) for the Katlan project.
The Katlan field, discovered by Energean in the 2022 drilling campaign as the “Olympus Area”, in a water depth of approximately 1,800 meters, is to be developed in phases with a subsea connection to the FPSO “Energean Power”, through which the Karish fields (from October 2022) and Karish North (from February 2024) are already producing.
This 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 will target exports to international markets, subject to all necessary permits being granted by the Israeli government.
It should be noted that the export orientation of the deposit is also its comparative advantage in relation to the other Karish and Karish North deposits, with potential buyers in the region of Jordan, Egypt and Cyprus.
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 for Energean’s development path and does not come as a 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.
