Energean subsidiary EnEarth has filed an application for a CO2 storage license at the Prinos Field offshore Kavala, northeast Greece.
In September 2022, Energean secured an exploration permit for CO2 storage at the field. Subsequent studies have shown that Prinos’ reservoirs and underlying aquifers could store up to 3 MMt/year of CO2 over 25 years.
The company is also investigating higher injection rates for shorter time periods to accommodate demand until additional storage becomes available.
Prinos CO2 Storage is part of the Mediterranean CCS Strategic Plan developed by France, Italy and Greece, which seeks to develop the first industrial/commercial-scale CO2 storage hub in the southeast Mediterranean.
In the application to Hellenic Hydrocarbons and Energy Resources Management Co., the storage capacity for the project’s first phase of the project is said to be up to 1 MM metric tons of CO2 per year. This could rise to 3 MMmt/year once the site is fully developed.
The application includes a report demonstrating Energean’s technical capability and competence; numerous other technical reports on the suitability of the site and the CO2 storage complex as a safe and reliable storage facility; a detailed description of the projects required in the context of the CO2 storage activity; and a proposal for the revision of the existing regulatory framework as formulated by the US 48416/2037/E.103/2011 joint decision in accordance with the guidelines of the European Commission.
Energean expects the Greek government to submit the official notification of the request for approval of a state aid, based on the Climate, Energy & Environmental Aid Guidelines. EnEarth will complete and submit the environmental and social impact assessment during the current quarter.
The company estimates investment costs for the first phase at about EUR500 million (US537.3 million).
