Italian oil and gas company Eni and energy infrastructure firm Snam have formed an equal joint venture to work on the first carbon capture and storage (CCS) project in Italy.
The two companies signed an agreement on Dec. 19 to jointly develop and manage Phase 1 of the Ravenna CCS Project.
During Phase 1, 25,000 tons of carbon will be captured from Eni’s natural gas treatment plant in the Italian town of Casalborsetti. The captured CO2 will then be transported to the Porto Corsini Mare Ovest platform and injected into the depleted gas field in Ravenna’s offshore.
As part of the joint venture, Snam will provide know-how in the transport and management of molecules, said the company’s CEO Stefano Venier.
According to both parties, the project is a crucial step toward the decarbonization of hard-to-abate industries such as steel, cement, ceramics, and chemicals. The joint venture is expected to create 500 new jobs during Phase 1.
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The agreement also includes preparation and studies for the next development phases.
“Today it is necessary to join forces in order to reconcile decarbonization goals, energy security, and competitiveness,” said Eni CEO Claudio Descalzi. “This agreement represents an example of excellence, leveraging industrial synergies to contribute to the decarbonisation of Italy’s production system.”
At the beginning of 2022, Eni signed 19 Memoranda of Understanding (MoUs) for carbon, capture and storage within the HyNet North West project in the United Kingdom.
Eni also applied for a license for a CCS project in a depleted field in the North Sea this September and launched a net-zero initiative to support the application. The initiative targets the decarbonization of the UK South East.
Read more: Eni and Air Liquide Partner Up For Carbon Capture In The Mediterranean
