Energean to invest $1.2 billion to develop Katlan gas project off Israel’s coast

Energean ENOG.L will invest about $1.2 billion to develop the Katlan project off the Israeli coast, the company says, as it announced its final investment decision, with gas output expected to commence in the first half of 2027.

Katlan, discovered by global oil and gas producer Energean in 2022, is a group of formations located near two projects off Israel’s Mediterranean coast — Karish and Tanin — also owned by Energean.

Initial gas production is planned for first half of 2027 with capital expenditure of about $1.2 billion to develop the project, upgrade and drill wells, the company says.

The field contains 1.10 trillion cubic feet of proven and probable gas reserves, according to the company’s website.

Energean says production will underpin its existing gas sales agreements and will target international markets.