Deadline until June 30, 2026 will have Energean In order to implement the Prinos CO2 project for the commitment and storage of carbon dioxide, based on the joint ministerial decision published yesterday (5.8.25) in Government Gazette.
According to the Joint Ministerial Decision, it is an investment that aspires to convert the exhausted prin deposit into a CO2 warehouse to welcome the quantities from the Greek industries in the coming years. In the first phase, 1 million tonnes of CO2 will be stored, with the prospect of upgrading the future to 3 million tonnes. The project is being implemented by the subsidiary of Energean, Enearth, while enjoying support from the recovery fund.
Specifically, the subsidy reaches EUR 150 million from a total budget of EUR 517.6 million. The joint decision of the Ministers of Energy and Finance provides for completion by 30/6/2026, when the resources are disposed of by the Fund. At the same time, there are specific roads and the payment of the money in six installments.
At the same time, the ministerial leaves open and the possibility of delay for reasons of force majeure, in which the company should apply for extension.
Energean will receive the first € 21.5 million with the approval of the Environmental Impact Study. A second installment will be followed by 15 million with the completion of the basic drilling planning and the submission of the studies to the competent EDEPEP authority. Subsequently, 30 million will be disbursed for ordering the equipment, 20 million for terrestrial and marine installations and 30 million with the start of the first drilling. The latest disbursement of EUR 33.6 million will be done with the completion of all drilling.
So far Enearth has received the green light of EDEEP for the first dose. It is worth adding to the above that Prinos CO2 has been included in the EU’s common interest projects (PCI). The company has secured additional funding of € 120m from the mechanism by connecting Europe (CEF).