Energean to wrap up Greek CCS study in Q2
Mediterranean gas producer Energean said on January 18 it was on track to complete pre-front-end engineering design (FEED) work on a carbon capture and storage (CCS) project it is developing in Greece in the second quarter of this year.
The plan is to convert the mature Prinos oilfield in Greece into a CCS facility. If approved by the Greek government, the project would be the first of its kind in the Mediterranean region.
Energean has not disclosed any further details about the project. But in February last year, Bloomberg cited sources as saying its expected cost was $500mn and it would handle 2.5mn metric tons of CO2 annually – equivalent to 4% of Greece's emissions.
Energean managed to curb the CO2 intensity of its operation by 19% in the first half of 2021, bringing its Scope 1 and 2 emissions down to 18 kg/barrel of oil equivalent. In addition to the CCS project, the company is also investigating whether to build a blue hydrogen plant near Prinos at its existing Sigma processing hub.
"On the ESG front, we remain focused on reducing our CO2 emissions intensity and are working towards accelerating our 2050 net zero target," Energean CEO Mathios Rigas said in a statement. "As such, we are assessing the feasibility of a number of carbon capture and storage, and eco-friendly hydrogen projects."