After having resolved the last open issues and thus meeting all preconditions for commencing gas exploitation, INA and Edison International S.p.A. have launched production on the North Adriatic field Izabela.
The Izabela gas field is located 60km off Pula. Total gas reserves are estimated at about 1.4 billion m³, with the expected production of approximately 280 million m³ a year. Two production platforms were installed in a water depth of 37 metres. From there, gas will be transported to Ivana A and Ivana K platforms, also located in North Adriatic, where it will be further processed and compressed, and then released to transmission systems towards Croatia and Italy.
“We are pleased with the consensus reached between the two parties after constructive talks with our Italian partners. This is an important milestone for our company as it shows we are a good partner with a great experience in exploration and production projects in the Adriatic and also expresses our intention to extend our cooperation even beyond this project,” said Zoltán Áldott, President of the Management Board of INA.
“The continuous and productive dialogue with our partner INA – said Nicola Monti, Executive Vice President of Edison E&P – has led to a solution on mutual satisfaction, which comes at a time of renewed focus on the Croatian upstream sector. The Izabela field’s start of production testifies the competences of the company in the exploration and production sector and strengthen Edison’s growth strategy in Croatia, especially at the light of the new bidding round for the exploration licenses in the Adratic Sea.”
INA and Edison have formed joint venture Edina and signed the Production Sharing Agreement in early 2000’s. After successfully completed negotiations between INA, Edison and Eni, the contracts that regulate reception, processing and shipping of gas through current transport systems were signed today, which allowed production on this North-Adriatic field to be launched.
Press Release, July 7, 2014; Image: INA