The Greek Hydrocarbons and Energy Resources Management Company (EDDYP) has granted a storage license for the national strategic project 'Prinos CO2' to EnEarth Greece, a subsidiary of Energean. This license marks the completion of the primary licensing phase mandated by both national and EU legislation, which began in 2022 with the issuance of an exploration license to assess CO2 storage capacities in the region. The project aims to facilitate the underground storage of CO2 in the almost depleted oil reservoir located approximately 3km deep in the sea area off Kavala, furthering Greece's energy strategy and commitment to carbon management.

The newly issued storage license is valid for 25 years, covering the area of the storage complex in the Prinos concession zone. This development is part of a significant push towards integrating carbon capture and storage (CCS) technologies within Greece's energy portfolio, indicating a strategic move toward reducing greenhouse gas emissions in line with European environmental goals. Moreover, the operational steps discussed during the recent meeting at the Ministry emphasize collaboration within Greek institutions to advance this critical infrastructure, highlighting its potential benefits for national energy security and environmental sustainability.

As Greece prepares to implement the 'Prinos CO2' project, attention will now focus on the financial, technical, and regulatory frameworks necessary to support the effective establishment of this CCS initiative. The collaboration anticipated between governmental bodies and corporate enterprises in advancing this project signifies an opportunity for Greece to emerge as a leader in innovative energy solutions within the Mediterranean region, contributing to its overall sustainability and compliance within the EU's climate programs.