MEOG: Energean takes Katlan FID

London and Tel Aviv-listed Energean has taken a final investment decision (FID) on its Katlan development, which encompasses four fields offshore Israel.

The fields, Athena, Zeus, Hera and Apollo, were discovered in 2022 at water depths of around 1,800 metres, and are estimated to hold around 1.2 trillion cubic feet (34bn cubic metres) of gas and roughly 23mn barrels of oil equivalent (boe) in liquids.

Phase 1A will focus on Athena and Zeus, with Hera and Apollog targeted during Phase 1B, with all four to be tied back to the Energean Power FPSO, which is located 30 km east of its key Karish asset.

In a press release, Energean estimated capital expenditure at around $1.2bn, including an engineering, procurement, construction and installation (EPCI) contract, which it said has been awarded to TechnipFMC covering a 30-km subsea tieback line and the associated four-well-slot tieback capacity.

Capex will also cover “an upgrade of the FPSO topsides related to mono-ethylene glycol (MEG) treatment, injection and storage and,) drilling the first two production wells of the development” at Athena and Zeus.