Our country can provide natural gas at competitive prices despite the unfavorable international environment but also improve its environmental footprint through investments in CO2 storage, which will reduce the burdens that the industrial sector has borne from the cost of pollutants.

These remarks were made today by Dr. Katerina Sardi, CEO and Country Manager for Energean in Greece, during her presentation at the 25th Conference “Energy and Development” of the Energy Institute of Southeast Europe. More specifically, Ms. Sardi referred to the $ 3 billion ongoing investments of Energean in the Eastern Mediterranean, in particular:

-The development of the Karish offshore gas field in Israel, which is scheduled to supply gas in mid-2022

-The development of NEA / NI offshore deposits in Egypt which from the second half of the new year will increase the group’s production mainly in natural gas from the second half of 2022.

-The development of the Cassiopea gas field in Italy, which is expected to be put into production in the first half of 2024.

-The completion of the development of the Epsilon deposit in Prinos, the production of which is foreseen in the first half of 2023.

Investments and strategic transition

She stressed that these investments are part of the energy transition strategy followed by Energean, which has been awarded with pan-European distinctions. The group is already steadily reducing its environmental footprint with the aim of reducing energy intensity by 85% compared to 2019 and at levels below half the international average for the hydrocarbon industry, which proves that this industry has an important role to play a role in the process towards cleaner forms of energy and in the effort to achieve the goals for Climate.

Read also: Energean – Increase in production and profits for the first half of the year.

This has been realized by neighboring countries, such as Egypt and Israel, which are constantly developing deposits, have high gas production and are constantly boosting their exports. They offer the opportunity to European countries, such as Greece, to secure gas at competitive prices, as gas prices in these markets range between $ 4 and $ 6 per mmbtu, when in Europe the cost is above $ 35 per mmbtu. At the same time, countries such as Greece should continue to research and develop their own hydrocarbon potential, as well as strengthen storage infrastructure.

In addition, the CEO and Country Manager of Energean in Greece referred to the company’s plan for CO2 storage in Prinos, an investment which together with the pure hydrogen production unit will exceed 500 million euros. “It is a bet that we must win as a country to capture and store carbon dioxide, as our industrial fabric is increasingly burdened by the rising cost of pollutants,” she said. She also added that projects such as that of Prinos, which could operate from 2025, will create a new model of industrial activity for the Mediterranean as a whole, will develop know-how and added value, will strengthen the competitiveness of companies, while they will have an obvious benefits for both the environment and employment.

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