EnEarth, a subsidiary of the Energean Group, has filed an application for the Carbon Dioxide (CO2) Storage License in Prinos, Kavala.

According to the application submitted for approval to the Hellenic Hydrocarbons and Energy Resources Management Company (Hellenic Hydrocarbon and Energy Resources Management Company), the storage capacity of the first phase of the project will be up to 1 million tonnes of CO2 per year. At full development, the storage capacity may reach 3 million tonnes per year.

The application submitted by EnEarth requests:

(a) a determination of the suitability as a CO2 storage site of the Area as delineated and identified in the Exploration license; and

(b) the activation of the CO2 storage right.

On the occasion of the filing of the application for the Storage Permit, Dr. Katerina Sardis, CEO and Country Manager of Energean in Greece, stated the following:

"The filing of the application is a decisive step for the implementation of the project and demonstrates the commitment of EnEarth and the Energean Group to an investment, which in its first phase will be in the order of €500 million. The granting of the Storage license will be a milestone that will guarantee the realisation of the Prinos storage project in a timely manner and on a realistic basis.

The importance of the project is enormous for the industry of our country and the wider region and the jobs in the sector, as well as of course, for the environment, the Greek economy and local communities. The unfortunate development of the South Kavala gas storage project should serve as a guide to avoid the failures of the past and for this new project to proceed safely and in the shortest possible timeframe."

It is important to note that the application comes with:

a report demonstrating the technical capacity and competence of the Energean group in relation to the storage activity.

fifty separate technical reports which substantiate the suitability of the proposed CO2 storage site and complex and assess the safety of the storage.

-A detailed description of the works and construction works required as part of the CO2 storage activity.

-A proposal for the revision of the existing regulatory framework as set out in Joint Decision H.P. 48416/2037/E.103/2011 in line with the European Commission's guidelines, taking into account the existing European precedent on similar storage projects.