Energean to Invest $1.2 Billion in Katlan Project Off Israel

Energean announced a $1.2 billion investment in the Katlan project off Israel, with gas production to start in 2027. The project aims to bolster energy security and support gas sales agreements. The Katlan field contains 1.10 trillion cubic feet of gas reserves and has a 30-year lease granted by Israel's Ministry of Energy.

Energean will invest approximately $1.2 billion to develop the Katlan project off Israel, the company announced on Tuesday after its final investment decision. Gas output is expected to begin in the first half of 2027.

Discovered in 2022, Katlan consists of several formations near Energean's other Israeli projects, Karish and Tanin. The company will spend about $1.2 billion on development, upgrades, and drilling wells, with initial gas production planned for early 2027.

The field boasts 1.10 trillion cubic feet of proven and probable gas reserves, as noted on Energean's website. The firm aims to support its current gas sales and tap into international markets with this production.

Energean, headquartered in London, seeks to double its production, largely through developing new prospects in Israel, including Katlan. According to CEO Mathios Rigas, this development will enhance energy security and promote sustainable growth across Israel and the region.

Israel's Ministry of Energy and Infrastructure has provided a 30-year lease for the Katlan field, with an option for a 20-year extension, Energean reported.

(With inputs from agencies.)