OREANDA-NEWS.   Upon resolving the last open issues between Italian Edison and INA, all the prerequisites for launching production on the Izabela field in North Adriatic have been met
The field is expected to be producing approximately 280 million mі a year, to be split between INA and Edison as partners based on the Production Sharing Agreement
 
 Zagreb, July 4 2014 – INA – Industrija nafte, d.d. and Edison International S.p.A. have launched production on the North Adriatic field Izabela, after having resolved the last open issues and thus meeting all preconditions for commencing gas exploitation.
 
The Izabela gas field is located 60km off Pula. Total gas reserves are estimated at about 1.4 billion mі, with the expected production of approximately 280 million mі 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 Mr Zoltбn Бldott, President of the Management Board of INA.
 
“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 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 strenghten Edison’s growth strategy in Croatia, especially at the light of the new bidding round for the exploration licenses in the Adraitic 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.
 
About INA Group
INA Group is the leader in oil business in Croatia and has a major role in the region in oil and gas exploration and production, oil refining, and distribution of oil and oil derivatives. INA Group consists of several subsidiaries fully or partially owned by INA d.d. The Group is seated in Zagreb, Croatia. In oil and gas E&P - apart from Croatia - INA today has operations in Angola and Egypt. Oil is refined in INA's refineries in Rijeka and Sisak, while the regional retail network consists of 445 filling stations in Croatia and the neighbouring countries.