Energean is set to commence its drilling campaign in 2026 in the Prinos area on the island of Thasos in northern Greece, as announced during the presentation of its quarterly results, via its subsidiary EnEarth.
Energean, an upstream company that is listed on the London and Tel Aviv stock markets, is set to initiate the CO₂ Prinos storage project, exceeding €1 billion, and is estimated to have the capacity to store up to 3 million tons of CO₂ annually.
According to available information, EnEarth will deploy a drilling rig in Prinos in 2026, targeting the depleted offshore gas reservoir for a total of four drillings. “It will be a reverse process compared to conventional oil or gas drilling,” an executive of the newly formed Energean subsidiary told OT. “Instead of extracting hydrocarbons, the goal will be to inject CO₂ into the reservoir.”
This marks a significant shift in the energy sector’s approach, signaling Greece’s entrance into large-scale carbon capture and storage (CCS) projects as part of broader efforts to combat climate change and transition to cleaner energy systems.
The Prinos CO₂ Storage project is the first of its kind in SE Europe and the East Mediterranean.
The purpose of the Prinos CO2 Storage is to aid in efforts for local and regional decarbonization by storing captured CO2 from hard-to-abate economic activities, direct air capture technologies, BECCS, and the shipping industry.
The project is in line with, and 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
Source: tovima.com
