The role of carbon capture and storage (CCS) technology in addressing climate change is at the heart of a new initiative by EnEarth, a subsidiary of Energean, launched to mark World Environment Day.
According to the company, the Prinos CO2 project in Prinos, Kavala, is one of the most significant carbon dioxide storage facilities in the European Union and aims to transform the country’s only oil production field into a permanent and safe CO2 storage site.
A project of strategic importance
The project has already received an environmental permit and a carbon dioxide storage permit under European legislation, and has been designated a Project of Common European Interest (PCI).
The total investment is estimated to exceed €1 billion, with €270 million in funding secured from European and national sources.
The Front-End Engineering Design (FEED) is currently underway, while the market test for securing storage capacity is expected to begin shortly.
Storage capacity of 2.8 million tons of CO2
Upon full development, Prinos CO2 will be able to store approximately 2.8 million tons of carbon dioxide annually, an amount corresponding to 25%-30% of the annual emissions from industrial sectors such as the cement industry and refining.
According to Nikolaos Rigas, Head of the Storage Division at EnEarth, CCS infrastructure is a critical tool for managing industrial emissions and achieving climate goals.
Environmental and Economic Impact
The company estimates that over the project’s lifetime, it could store a quantity of carbon dioxide equivalent to what 3.3 billion trees would absorb over a decade.
At the same time, the development of the CCS chain is expected to contribute to the creation of approximately 30,000 jobs, strengthening the competitiveness of Greek industry and sustaining productive activity in the country.
EnEarth notes that projects such as Prinos CO2 highlight a model where environmental sustainability and economic growth are complementary, contributing to the achievement of climate neutrality goals.
Source: APE-MPE