The company's goal is to have binding contracts signed with the industrial companies (emitters) that will be selected by the first quarter of 2025, emphasized Dr. Katerina Sardis, country manager of Energean in Greece.
The CO2 storage project in Prinos of Kavala is in full development , an investment of the order of 400 million euros in its first phase and which will exceed 900 million euros in total.
Speaking during a special panel organized as part of the 5th Power & Gad Forum held in Athens, Dr. Katerina Sardis , CEO and Country Manager of Energean in Greece, announced three important steps underway:
- The company started the process to convert the research permit it has into a storage permit, based on Community Directive 31/2009. The relevant request is expected to be submitted to the competent Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) during the first 6 months of the year.
- The Environmental and Social Impact Study (ESI) for the 1st phase of the project was assigned to an independent company of known experience.
- Significant technical studies are underway for the design of the facility, such as the update of the Pre-FEED Technical Applications and Design Study (pre-FEED) prepared by Wood plc, in order to prepare the final study.
According to the timetable presented by Energean's Country Manager in Greece, the binding market test will be carried out in 2024 , so that by the first quarter of 2025, binding contracts will have been signed with the industrial companies (emitters) that will be selected and receive the Final Investment Decisions from both sides. So far, Energean has signed 9 non-binding Memoranda of Understanding (MoUs) with interested emitters from Greece and neighboring countries. Energean plans to conduct the required drilling at Prinos around the end of next year, with the aim of then obtaining the operating permit and having the CO2 storage unit operational by the first quarter of 2026.
Dr. Sardis, however, pointed out the need to immediately resolve pending issues both at the institutional and administrative level (competent Directorates for the various permits, signing of transnational agreements between our country and other member countries for the transfer of CO2, etc.). She also expressed her concern about the bureaucratic delays that occur even at the level of the European Commission and which are likely to create problems in relation to the commitments made in the framework of the Recovery and Resilience Fund.
Finally, Dr. Sardis pointed out the need to follow the practice of EU member countries, such as Germany, the Netherlands, Denmark, etc. which have drawn up state aid programs of tens of billions of euros for the development of CO2 capture and storage projects, which have already been approved by the European Commission.
The CO2 storage project in Prinos has been included in the 6th list of Projects of Common Interest (PCIs).
The Prinos basin is considered ideal for safe CO2 storage for a number of reasons related to the geology and the presence of facilities in the area. In the 1st development phase it will have a storage capacity of 1 million tons of CO2 per year, while in the 2nd development phase, from 2028 onwards, the capacity will increase to 2.5 to 3 million tons of CO2 per year.
The implementation of the project will have significant environmental benefits and will create a new cycle of development for the local communities of Eastern Macedonia & Thrace. At the same time, it will free up significant resources from the costs of CO2 emission rights for industrial companies, strengthening their competitiveness, concludes a related announcement.
source: euro2day.gr
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