A part of the Energean Group company has made a formal request for a CO2 storage license to the Hellenic Hydrocarbons and Energy Resources Management Company. The business has made this request over a storage license concerning Prinos, Kavala, NE Greece.

The application that the company had to fill out, included a variety of details and this request has now been submitted for approval. The outline of the request involves the storage capacity of the first phase of the project, which will be around 1 million tonnes of carbon dioxide every year. After this part of the plant has become fully developed, the storage capacity of the project may have the potential to reach three million tonnes of carbon dioxide every year. The overall goal of this application is to gain approval for ‘the suitability as a CO2 storage site as specified in the Investigation Permit and therefore the activation of the right to store CO2.’

The specifics of the application includes, ‘A report demonstrating the technical capability and competence of the Energean Group.’ As well as, ‘Approx 50 separate technical reports, which demonstrate the suitability of the proposed site and the CO2 storage complex as a safe and reliable storage facility.’ On top of this, the application included, ‘Detailed description of the projects required in the context of the CO2 storage activity.’ Finally, the approval included, a ’Proposal for the revision of the existing regulatory framework as formulated by the U.S. 48416/2037/E.103/2011 joint decision in accordance with the guidelines of the European Commission, considering the existing European precedent in corresponding storage projects.’

It is expected that EnEarth will have completed and submitted the Environmental and Social Impact Assessment by the end of the summer. Then, once this has been submitted, the non-binding market test will be performed through the summer and this will go ahead with the intention to complete the binding market test before the end of the year. Once awarded, the permit would then create a binding contract which will be signed by selected industrial emitters and then the Final Investment Decisions will be made by both EnEarth and emitters. After this has been sorted, the contract will be a step towards building on the ten non-binding Memoranda of Understanding (MoUs) which have already been signed with emitters originating from Greece and neighbouring countries.

Managing Director and Country Manager of Energean in Greece, Dr. Katerina Sardi, mentioned, "The submission of the application is an important step for the implementation of the project and demonstrates the total commitment of EnEarth and the Energean Group for the c.500 million-euro investment in the first phase. Acquiring the Storage License will guarantee the implementation of the Prinos storage project on time. The importance of the project is highly significant for the Greek and regional socio-economic dynamic. Multiple businesses and therefore many jobs will be dependent on a viable CO2 storage facility at Prinos. The project will benefit the environment, the Greek economy, and local communities. The unfortunate end of the gas storage project in South Kavala should be a guide in order to avoid the failures of the past and for this new project to proceed safely and in the shortest possible time."