Energean reaches $1.2-billion FID on Israel’s Katlan gas project

Israel

TEL AVIV, July 23, 2024 – Energean has reached a USD 1.2-billion final investment decision on Israel’s Katlan gas project, the UK company announced on Tuesday.

The Katlan project involves the development of an offshore gasfield in a phased approach through a subsea tie-back to the existing Energean Power FPSO.

First gas from the project is expected in H1 2027.

The project’s subsea EPCI contract has been awarded to TechnipFMC and includes four-well-slot tie-back capacity to a single large production line of around 30 kilometres in length, which can be used by future Katlan area phases, Energean said.

The company also confirmed that the Israeli Ministry of Energy and Infrastructure has granted the 30-year lease for the Katlan area, which includes a 20-year extension option.

“By developing Katlan, we will unlock further value in the Israeli subsurface that will provide additional energy security and drive sustainable development, both in Israel and the broader region,” Energean CEO Mathios Rigas said.

Energean made headlines in February when it announced it had reached first gas at its Karish North play in Israel while securing an offtake deal worth USD 2 billion.