Climate Change

Energean to store CO2 in depleted oil wells off Greek coast

Photo: Energean

Published

March 30, 2023

Country

Comments

0

Share

Published:

March 30, 2023

Country:

Comments:

0

Share

Energean’s carbon capture and storage (CCS) project for depleted wells in the Prinos area, in the northern part of the Aegean Sea, has entered the phase of final preparations. The company estimates the project will be put into operation in three years.

The CCS project envisages storing CO2 under Energean’s maritime oil fields in the Prinos basin, located in the Gulf of Kavala in the Aegean Sea, near the island of Thassos. The project envisages the exploitation of depleted wells at the Prinos and Epsilon oil fields. Energean noted that it has exhausted three oil wells in the area since 2009.

The idea is to prepare subsurface geological reservoirs where carbon dioxide captured from industrial emissions will be transported by pipeline or ship.

Carbon is planned to be permanently stored in used and depleted wells, at depths from 1,900 to 4,200 meters. The storage volume is estimated at 93.4 cubic kilometers.

Energean selected United States–based company Halliburton to produce a feasibility study. A project presentation will be held in April, and it was announced the system could be put into operation within three years.

The Prinos concession can receive overall emissions from the Greek manufacturing sector for 10 years, starting from 2025, the oil company said. Energean, which originated in Greece, is headquartered in London.

The CCS project will be supported by EU funds

Oil companies are turning towards CCS technologies to achieve carbon neutrality. On the other hand, critics argue such solutions are inefficient and that CCS is an excuse for the fossil industry to exploit oil and gas further.

Nevertheless, the project in Prinos was included in the National Recovery and Resilience Plan Greece 2.0 for grants and cheap loans. The company has also submitted an application to the European Union’s Innovation Fund.

Energean signed a memorandum of understanding last month with Shell Egypt on cooperation in the decarbonization and energy transition of Egypt. The company announced it would contribute to the efforts using the experience from the project in Prinos.

According to Energean, the main challenge of CCS technology is to achieve the ability to connect sizeable carbon dioxide emitters with appropriate geological structures.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

decarbonization-steel-furnace

Germany’s industry to get billions in subsidies to decarbonize

14 March 2024 - Carbon contracts for difference should help companies stay competitive as they transition to more expensive production processes

medeja Loncar Planet ecosystem not egosystem

Siemens Serbia’s Lončar: Planet needs ecosystem, not egosystem

06 March 2024 - Knowledge and new technologies are key to the response to challenges that the planet is facing, CEO of Siemens Serbia Medeja Lončar said

Bridging the climate financing gap - seizing the opportunity

Bridging the climate financing gap – seizing the opportunity

06 March 2024 - Despite climate finance having grown consistently over the last decade, we are far behind what is needed to meet the goals of the Paris Agreement

Global energy sector emissions hit record high 2023

Global energy sector emissions hit record high in 2023

04 March 2024 - Droughts limited hydropower production last year, so emissions in the energy sector reached a third consecutive record high, IEA said