In September 2022, Energean obtained an exploration permit for CO2 storage in the Prinos field under national and European legal framework. Subsequent internal and external studies have demonstrated that the field can store up to 3 million tons per annum (MTPA) of CO2 for 25 years. Higher injection rates for shorter time periods are also being studied to accommodate market demand until additional storage becomes available.
The objective of Prinos CO2 Storage is to contribute to local and regional decarbonization efforts by storing captured CO2 from hard-to-abate economic activities, Direct Air Capture technologies and BECCS, the shipping industry, and more. This project aligns with and is an integral part of the Mediterranean CCS Strategic Plan developed by France, Italy, and Greece, aiming to create the first industrial/commercial-scale CO2 storage hub in the Southeast Mediterranean.