Greece’s first carbon capture, utilization and storage (CCUS) project, to be conducted by the National Natural Gas System (DESFA) and Energean, expects to conclude important regulatory and financial issues within 2024 and hopes to enter its first phase of operations in 2025.
The project by the two companies, known as Prinos CO2 Storage, is currently the only project in the eastern Mediterranean region that has an exploration permit. It is now aiming to obtain a storage permit by the end of the second quarter of 2024 and a license to operate by the end of 2025.
Prinos’ budget is estimated at over 1.5 billion euros, 900 million of which will be undertaken by Energean and 600 million by DESFA. Energean will construct CO2 storage that is expected to be able to accommodate 2.5 to 3 million tons of CO2 per year once it is in full operation.
The project is divided into two phases, with phase one aiming for a storage capacity of 1 million tons per year by the end of 2025 and phase two reaching full capacity by the end of 2027.
According to the project’s website, it is considered a European Project of Common Interest (PCIs) and the Greek government has committed 150 million euros in funding under the European Recovery and Resilience Facility (RRF).
The areas planned for carbon storage are located in the vicinity of Kavala, in northeast Greece, and the area was selected because its geological characteristics are expected to be ideal, according to Energean.
The company adds on its website that, “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.”
Connected to the project, DESFA has secured 75 million euros to create a network of CO2 transport pipelines, called the “Apollo CO2” project. CO2 will initially be captured in gaseous form, from cement factories and refineries, and then be liquified in the Revithoussa LNG terminal located on the islet of the Gulf of Megara.
The liquified CO2 will be loaded onto ships and taken to Prinos and eventually to any other CCUS projects that are developed.
Final decisions about the level of investment in the CCUS project are expected in 2025 and are heavily dependent upon the level of funding that will be obtained.
The idea of carbon capture has been around since 1938 and was first implemented in 1972 in Texas USA. The first integrated CCUS project was called the Sleipner project, by Norway, in the north sea.
CCUS involves capturing CO2 emissions at source, from industrial processes like steel, cement and the burning of fossil fuels. The carbon is turned into liquid form and transported, by ship or pipeline, and stored deep underground in geological formations.
Source: tovima.com
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
