Energean announces start-up of Cassiopea field

(Sharecast News) - Energean has announced the successful start-up of the Cassiopea field, offshore Italy. The company said that currently, initial test production is from one of the four subsea wells.

The remainder of the wells and associated facilities are expected to be brought online, tested and commissioned over the coming months, it said.

The Cassiopea gas development - which is operated in joint venture with Eni - contains approximately 10 billion cubic metres (bcm) of gross reserves with gross annual production expected to peak at around 1.5 bcm.

This field is part of the portfolio that is in the process of being sold to an entity controlled by Carlyle.

Energean chief executive Mathios Rigas said: "This news, while not part of the future Energean story, represents the positive involvement of Energean in yet another successful gas development.

"Energean has always been focused on the development of strategically important resources that supports both energy security and broader socioeconomic stability."