Energean has announced plans to enhance the carbon capture potential of the Prinos oil field in northern Greece, which now has the capacity to capture up to 3 million tons of carbon dioxide annually, tripling the original estimate. This decision comes as Energean moves forward with additional studies to maximize the field’s carbon capture capabilities.
Initially, even with the lower capacity estimate of 1 million tons, there was considerable interest from Greek industries in carbon dioxide storage, resulting in 10 non-binding agreements with major emitters. Carbon capture is increasingly seen as a crucial solution for Greek companies aiming to reduce emissions, particularly in light of anticipated increases in the CO2 emission tax.
Greece currently emits about 33 million tons of carbon dioxide annually, and while the Prinos project is the country’s sole geological CO2 capture initiative, its expanded capacity will not fully address the needs of local industries. Consequently, the Hydrocarbons and Energy Resources Management Company is also investigating potential disposal sites in other countries, including Egypt and Italy, which have large, depleted oil and natural gas fields suitable for carbon storage.
