Project pipeline in Greece for CO2 capture, storage nearing EUR 4 billion

Carbon capture and storage projects worth as much as EUR 3.6 billion are under development in Greece. Energean’s subsidiary EnEarth has launched a tender for drilling two wells for the Prinos site under the Aegean Sea, while DESFA won a EUR 169 million EU grant for a carbon dioxide liquefaction unit.

Investors in Greece are counting on demand from the domestic industry for carbon capture and storage (CCS), so that it can remain competitive with regard to carbon dioxide emission costs. Euro2day calculated that the project pipeline is worth up to EUR 3.6 billion as the endeavors are clearing major milestones.

The time for drilling in Prinos is approaching. EnEarth, a subsidiary of Energean, is working on the establishment of the storage facility offshore Kavala. Earlier this month it launched a tender for drilling two wells.

The Prinos project is valued at EUR 1.2 billion

Works are scheduled to begin in the first half of next year. The project is worth EUR 1.2 billion, of which the firm secured EUR 270 million in funding from the European Union. It is waiting for environmental terms (AEPO) from the Ministry of Environment and Energy, as well as for the storage permit.

Notably, a draft law covering the sector is reportedly complete.

DESFA seeks contractor to drill two wells in Prinos

Another step ahead was achieved with a project for a pipeline that would transport CO2 from energy-intensive industrial facilities to a liquefaction system in Revithoussa. The endeavor is called ApolloCO2. Greece’s National Natural Gas System Operator (DESFA) won EUR 169.3 million through the European Union’s Innovation Fund for the terminal.

The system would include temporary storage and transport by ships to permanent storage. The budget amounts to EUR 700 million in the first phase, with another EUR 60 million envisaged for an expansion.

ApolloCO2 is in a group of 61 projects in the Innovation Fund’s latest round for net zero technology, worth EUR 2.9 billion in total.

DESFA is working on the investment with Ecolog, a subsidiary of GasLog.

EU funding three major carbon capture projects that would be connected with Prinos storage site

AppoloCO2 would bring CO2 from three capture facilities also funded by the EU. There is a possibility to involve overseas customers as well.

Cement maker Heracles, part of Holcim Group, is developing the Olympus project worth EUR 400 million in Milaki, Aliveri. Its competitor Titan has a EUR 584 million endeavor underway in Kamari, Boeotia (Viotia). It is called Ifestos.

DESFA has applied for EUR 30 million from Connecting Europe Facility for the CO2 pipeline

Motor Oil Hellas aims to install a unit in its Agioi Theodoroi oil refinery costing EUR 300 million to EUR 400 million. The project is called IRIS – Innovative low caRbon hydrogen and methanol productIon by large Scale carbon capture. It is for the construction and operation of a CCUS and e-methanol production system that would cut the refinery’s CO2 emissions by a quarter. CCUS stands for carbon capture, utilization and storage.

DESFA is seeking EUR 30 million from the EU’s Connecting Europe Facility (CEF) for a 35-kilometer CO2 pipeline. The first part would go from Ifestos and branch out to HELLENiQ Energy’s oil refinery in Elefsina (Eleusis). In subsequent phases, pipelines would reach Heracles’ Olympus, Metlen’s aluminum complex in Aspra Spitia, Thisvi in Boeotia (for GEK Terna’s Heron and HELLENiQ’s subsidiary Elpedison), and eventually Motor Oil’s IRIS.

As capacities grow, larger ships would be required to lower transportation costs. According to the article, three such vessels would cost EUR 240 million overall.