EnEarth submits application for CO2 storage licence in Greece
SUMMARY
The first phase of the project aims to provide storage capacity for up to 1mn tonnes/year of CO2. [Image: EnEarth]
By Shardul SharmaPOSTED IN:
EnEarth, a subsidiary of UK-listed Energean Group, has submitted an application for a CO2 storage licence at Prinos, Greece, to the Greek energy resources manager Hellenic Hydrocarbons and Energy Resources Management Company, it announced on July 2.
The first phase of the project aims to provide storage capacity for up to 1mn tonnes/year of CO2. Once fully developed, the storage capacity could reach 3mn tonnes/year of CO2. The application seeks approval for the site's suitability as a CO2 storage facility and the activation of the right to store CO2.
Following the recent completion of the pre-notification process, which started in June 2023, the Greek government is expected to submit the official notification of the request for approval of state aid based on the Climate, Energy & Environmental Aid Guidelines, according to EnEarth. This approval is a prerequisite for accessing the funds designated to the project under the Recovery & Resilience Facility (RRF). EnEarth plans to complete and submit the Environmental and Social Impact Assessment within the summer.
The non-binding market test will commence this summer, aiming to complete the binding market test within the year. This will allow binding contracts to be signed with selected industrial emitters, enabling both EnEarth and the emitters to make final investment decisions. This process builds on the 10 non-binding memoranda of understanding already signed with emitters from Greece and neighbouring countries.
