Energean (ENOG.L) will invest about $1.2 billion to develop the Katlan gas project off the Israeli coast.
The company announced its final investment decision, saying that gas output is 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 the 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.