London-based exploration and production company Energean has announced its Prinos CO2 project, which is looking for suitable geologies to store carbon dioxide, is advancing to create a new ‘decarbonisation hub’. Initial drilling and well testing is scheduled for 2026.
Three new non-binding memorandums of understanding (MoUs) have been signed, bringing the total MoUs to 15, totalling 6.12 million tonnes a year of storage.
The storage and environmental permit is expected to be received “in the coming months” and first instalments of the Recovery and Resilience Facility and Connecting Europe Facility, two EU financial instruments, are expected imminently.
Prinos is located in the vicinity of Kavala in north-east Greece. It contains reservoirs and underlying aquifers which are suitable for carbon storage.
Energean subsidiary EnEarth is running the project, which is the first of its kind in south-east Europe or the eastern Mediterranean.
Studies have shown the field can operate with a capacity of 1 mtpa in the first phase, rising to 3 mtpa.
The objective is to contribute to local and regional decarbonisation efforts by storing captured CO2 from hard-to-abate economic activities, direct air capture technologies, and more.
The update came as the company reported revenues of $407m in the three months to 31 March 2025, down marginally from $413m from the same quarter the prior year.
“While we remain focused on our core Mediterranean area, we are also actively assessing growth opportunities in the wider EMEA region where we see significant potential … to commercialise gas assets,” it said in a statement.
The Greece industrial gas market grew 3.6% between 2023 and 2024 and is worth $131m, according to gasworld Intelligence data.
