Oil major Shell announced it signed a Memorandum of Understanding (MoU) with Energean Egypt (Energean) – an independent fossil fuel company, to explore a mutually beneficial decarbonization solution – carbon capture and storage.
Via this agreement, Energean plans to harness its prior experience in designing carbon capture and storage (CCS) projects in depleted hydrocarbon fields in Prinos, Greece.
The two companies will work towards decarbonizing the liquefied natural gas (LNG) terminal in Idku operated by Shell through capturing and storing carbon dioxide (CO2) in a depleted reservoir in the Abu Qir offshore concession operated by Energean.
“CCS in Egypt can only be developed in long term partnerships with industries willing to ‘green’ their products… We are excited to work with Shell as such a credible and committed partner,” commented Nicolas Kacharov, CEO of Energean International and Country Manager Egypt.
The partnership will aim to utilize Egypt’s potential in carbon capture development. The country is said to have well-understood depleted gas fields, adjacent to much newer production facilities. It also possesses an infrastructure and skills, and demand from global markets and stakeholders for decarbonized energy products.