Croatian oil company INA and Energean have agreed to invest in the development of the Irena gas field, located in the northern Adriatic within the Izabela exploration block. The total capital investment is set at €71 million, with Energean contributing €50 million and INA providing the remaining €21 million. Energean holds a 70% working interest in the project, while INA owns 30%. The block is operated by Edina, a 50:50 joint venture between the two companies.
The development plan includes the construction of a new offshore platform that will connect to the existing infrastructure of the Izabela field. First gas production is targeted for the first half of 2027, with expected peak daily output of up to 300,000 cubic meters. The Irena field holds proven reserves of approximately 865 million cubic meters of gas, equivalent to about 5.4 million barrels of oil.
Josip Bubnic, INA’s Chief Operating Officer for Exploration and Production, emphasized that the investment represents a strategic move to enhance domestic oil and gas output and reinforce Croatia’s long-term energy security.
INA, with over 70 years of experience in the energy sector, conducts exploration and production activities both in Croatia and abroad, including Egypt. In the first half of 2025, INA reported an average production of 21,303 barrels of oil equivalent per day.
