Energean subsidiary secures EU grant funding for CO2 storage at Prinos Field offshore Greece

The European Commission has earmarked a Connecting Europe Facility (CEF) grant of approximately €120 million (US$124 million) to support the development of a liquefied CO2 receiving terminal at Prinos Carbon Storage at the Prinos oil and gas field off northern Greece.

The grant has been awarded to EnEarth, the 100 per cent-owned decarbonisation specialist subsidiary of UK-based exploration and production company Energean.

The CEF grant, when combined with the previously announced €150 million (US$155 million) Greek Recovery and Resilience Facility, allows EnEarth to commence project development and market tests, subject to the award of the necessary CO2 storage licence.

EnEarth expects the project to provide a maximum storage capacity of up to three million tonnes of CO2 per year, or enough to abate 25 per cent of Greek industrial emissions. Beyond Greece, the project is also expected to play a role in abating emissions from across the EU, and has been recognised as a project of common interest.

"Prinos CO2 will store emissions from industries such as cement, refining, chemicals and more, where the production of CO2 is part of the industrial process and cannot be abated by a change of fuel or energy efficiency initiatives," said Nikolas Rigas, EnEarth's Head of Carbon Storage.