Prinos Carbon Storage
Prinos Carbon Storage is a scalable CO2 storage project aiming to store up to 3 million tonnes of CO2 annually by leveraging existing infrastructure.
Prinos Carbon Storage
Introducing Prinos:
Located in the north of Greece, Prinos is the only producing oil & gas field in Greece. The field was discovered in 1974 and started production in 1981. Now EnEarth will take 50 years of experience of the Prinos reservoir and repurpose the facilities from an oil producing asset to a carbon storage site.
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The facility has been identified as the only suitable site in Greece to store carbon in the near future. In October 2022, Prinos was awarded a Carbon Storage exploration licence, the first licence for a carbon storage site in the Mediterranean Region.
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Prinos, is a symbol of energy innovation, environmental responsibility and socio-economic rebirth, with a new industry developing in a new hub, that will offer much to the local community and beyond...
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More detailed information about our Project:
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Short-term goal:
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Achieve phase 1 of the project: create a facility capable of accommodating up to 1 million tons of CO2 capacity per year.
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Long-term goal:
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Accomplish phase 2 of the project, establish a facility with a capacity of up to 3 million tons of CO2 per year - conditional on additional studies.
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Contingent (2C) storage capacity up to 66 million tons by 2050, as per independent auditor's report.
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25-year term under CO2 storage license framework, in line with planned injection rates and storage capacity.
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Creation of an environmental services / carbon storage industry hub, where new technologies and approaches can be trialled and developed synergistically with the core CO2 storage operation.
A brief history of Prinos
The Prinos Field, discovered in 1974 through the Prinos-1 well, began production in 1981. The initial field development occurred from 1979 to 1981, with offshore and onshore facilities supporting a peak production of over 27,000 barrels of oil per day (bopd) in 1985. In total, it has yielded approximately 130 million barrels of oil equivalent since 1981.
Since 2009, Energean has conducted three wells and seventeen interventions in the Prinos Concession fields. Energean, parent company of EnEarth, will leverage its extensive experience from over four decades of hydrocarbon production in this reservoir.
How we are doing it:
We will be obtaining CO2 in compressed or liquid form from hard-to-abate industries in Greece and the broader region. Alongside industries, we will also be receiving CO2 from any upcoming decarbonization initiatives.
Why we are doing it:
Our site is an ideal area for a CO2 storage facility – both in terms of geological structure and geography adjacent to multiple emitters with no viable carbon solution. Our involvement in Prinos area spans more than four decades, establishing EnEarth as the perfect decarbonisation partner in the Mediterranean.
At a glance
5.44 MtCO2/year
5.44 MtCO2 per year signed under MoUs.
€150MM RRF Subsidy
Committed €150MM funding by the Greek Government under the European Recovery & Resiliance Facility (RRF)
10 MoUs Signed
Included in the 6th Union list of Projects of Common Interes (PCIs) adopted by the European Commision and EU Member States
€150MM RRF Subsidy
Included in the 6th Union list of Projects of Common Interes (PCIs) adopted by the European Commision and EU Member States
Up to 3 MtCO2/year capacity
Planned and highly conditional sequestration capacity into Prinos field of upto 3MtCO2/year for 25 years
€680MM EU Grants to emitters
4 capturing projects in the region totaling 3.3 MtCO2/year are already been funded for capturing and liquifaction of CO2 through the EU Innovation Fund
