Prinos CO2

PRINOS CO2

Energean - Prinos Complex, North Aegean Sea, Greece.JPG

 

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 operate with a capacity of 1 million tons per annum in the 1st Phase of development. Higher injection rates up to 3 million tons per annum for 25 years or higher volumes 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.

Prinos is located in the vicinity of Kavala NE Greece operated by Energean. The field’s reservoirs and underlying aquifers are an ideal carbon storage site, verified independently for its geological characteristics.

The formal submission of an application for a CO2 Storage License at Prinos was sent to the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP) on 30 June 2024.

Goals

The Primary goals of the project are to:

  • Offer decarbonization opportunities to the local area of Kavala including Energean’s own emissions.
  • Receive CO2 in compressed and liquid form from local and regional sources thereby offering long term opportunities to decarbonize while maintaining their competitiveness on a global scale.
  • Enhance the local and regional socio-economic dynamic. Secure long term employment in the local area through the creation of direct and indirect opportunities. The decarbonisation of hard to abate industry also underwrites state of the art employment and research & development across the region.
  • Create value for shareholders and a broader set of stakeholders through the repurposing of industrial infrastructure.
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The project infrastructure will be developed in phases to serve developing demand: 

 

Phase 1

The first phase of the Prinos Carbon Storage project is focused on re-purposing existing infrastructure and rapidly achieving an injection capacity of 1 MtCO2/year. The facility will be able to receive CO2 in compressed form by the end of 2025 and further expand to receive CO2 in liquid form by mid-2027. The first phase of the project may accommodate c.10% of Greece’s industrial emissions on an annual basis.

Phase 2

The second phase of the project is designed to accommodate an injection capacity in the range of 3 MtCO2/year of liquid CO2 for 25 years (as noted above, higher injection rates may be possible), subject to verification by studies to be conducted. This expansion will meet incremental demand for storage and position Prinos CO2 as a key project in decarbonizing the hard-to-abate industry in SE Europe.

We are committed, through our unique ETHOS, to being the “best version of Energean we can be”. This means that we support and give back to the communities that host our operations. Prinos CCS goes beyond supporting the company's net-zero strategy. It underwrites industrial jobs and € billions of investments, contributing to the decarbonization of regional heavy industries.

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Energean is a proud participant in 2 international research programmes. (1) HERCCULES, an acronym for ‘Heroes in Southern Europe to decarbonise industry with CCUS’ that will test new solutions. (2) The Horizon Europe project COREu, the largest Research and Innovation project in Carbon Capture and Storage (CCS) ever funded by a European programme.   

European Projects of Common Interest PCI PMI list