Edison: Izabela field in Croatia starts production

Expected production of 280 million cubic meter of gas per year, estimated reserves of 1.4 billion cubic meter of gas. Croatia becomes Edison’s fourth hydrocarbons producing country after Italy, Egypt and UK.
Milan, 4 July 2014 – Edison announces the start of production of the Izabela field in Croatia, in which Edison has a 70% participating interest in joint venture with the Croatian oil company INA. The Izabela start of production strengthen Edison’s interest in the new bidding round launched by Croatian government for the award of exploration licenses in the Adriatic Sea.

“The continuous and productive dialogue with our partner INA – said Mr Nicola Monti, Executive Vice President of Edison E&P – has led to a solution of 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 strenghten Edison’s growth strategy in Croatia, especially at the light of the new bidding round for the exploration licenses in the Adraitic Sea”.

The field, which is located in the Northern part of Adriatic Sea, 57 km off Pula, has 1.4 billion cubic meter of estimated gas reserves and will produce 280 million cubic meter of gas per year. The production is carried out by two unmanned platforms (Izabela North and Izabela South) in a water depth of 37 meter, while the gas processing and compression takes place in Ivana A and K platforms, which are operated by INAgip, joint venture company between INA and Eni, and connected to Izabela complex through a 26 km long pipeline.

Completed in 2010 with the installation of the two production platforms, Izabela development plan has slowed down due to a disagreement between the parties on the conditions for gas transportation and sale. The continuous and productive dialogue with the partner INA has brought to a positive conclusion for both parties of the dispute and allowed to start in these days production activities in the field.

Thanks to existing connections in the Adriatic Sea between Italy and Croatia and the cooperation with Eni which operates those infrastructures, Edison imports a share of 50% of the produced gas, directly to Italy for the sale on the domestic market. Starting the production of Izabela field, Croatia becomes Edison’s fourth hydrocarbons producing country after Italy, Egypt and UK, confirming the growth strategy of the group in the hydrocarbons sector.

Edison, second largest gas company in Italy, is active in production and sale of electric power and hydrocarbons with an increasing interest abroad, especially in the E&P sector through 58 concessions and permits in Italy and 37 outside the country: Egypt, Norway, Croatia, Algeria, UK and Israel. In the E&P business the company can count on hydrocarbons reserves for a total amount of 360 million cubic meters equivalent, including reserves in the Egyptian concession of Abu Qir, of which Edison holds all the rights since 2009. Edison gas supply is 15.8 billion cubic meters and covers about a fifth of Italian needs. 


Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended.


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