The Prinos CO2 storage project offshore Greece has received a positive opinion from the European Commission, marking a major regulatory milestone for the country’s emerging carbon storage sector.
The Directorate-General for Climate Action (DG CLIMA) has endorsed EnEarth’s plans to develop a CO2 storage facility in depleted offshore oil reservoirs beneath the Aegean Sea, near Kavala.
The review concluded that the geological and technical studies submitted by the company meet EU requirements for safe, long-term carbon storage.
EnEarth, a subsidiary of UK-based Energean, said the assessment confirms the suitability of the Prinos reservoir and supports its monitoring and risk management approach. The project is expected to play a key role in decarbonizing hard-to-abate industrial sectors in Greece and the wider region.
Licensing, Funding and Regional Role
While not legally binding, the Commission’s opinion strengthens the ongoing permit review by Greece’s licensing authority HEREMA, which will make the final decision. EnEarth submitted its application in July 2024.
The Prinos project could require up to €1.2 billion (~$1.4 billion) in total investment, including infrastructure. It has already secured €270 million (~$320.6 million) in EU funding and additional backing from the European Bank for Reconstruction and Development.
Phase one targets up to one million tons of CO2 annually, with capacity potentially rising to three million tons per year. EnEarth plans to offer storage services to emitters across southeastern Europe, positioning Prinos as a regional CO2 hub ahead of a targeted 2030 start date.
Read more: Greece Advances $4.2 Billion Carbon Capture And Pipeline Project
