Energean Hires Halliburton for Carbon Storage Project Offshore Greece

March 25, 2022

Prinos - ©Energean
Prinos - ©Energean

Oilfield services firm Halliburton has won a contract with oil and gas firm Energean to assess the carbon storage potential of the Prinos basin in Greece.

Halliburton said this week that its carbon capture, utilization, and storage (CCUS) experts would collaborate with Energean to evaluate the Prinos area’s carbon dioxide (CO2) storage complex, and that the work on the Prinos carbon storage subsurface study had started in early March

The scope of work will include long-term plume modeling, characterizing the storage complex, and a conceptual development plan with performance modeling.

Martin White, vice president of Halliburton Europe, Eurasia, and Sub-Saharan Africa said the project would be the first end-to-end CCS subsurface evaluation collaboration between an operator and energy services provider in Europe, "and we look forward to supporting Energean’s energy transition journey.”

Energean is the Operator of the Prinos offshore license, in northern Greece, where it has a 100 percent working interest. Prinos, Prinos North, and Epsilon are currently the only producing fields in Greece.

“We are excited to collaborate in this landmark project with Halliburton,” said Katerina Sardi, Energean Managing Director and Country Manager in Greece. 

Ideal location

“Prinos has been identified as an ideal location to host a CO2 Storage plant with a potential storage capacity adequate to store about 100% of the emissions of the Greek manufacturing sector for a period of 10 years, starting from 2025. Halliburton’s unique know-how and acquaintance with Prinos ensures strong project collaboration and provides the basis for the successful implementation of a project that is core to Energean’s path to net-zero."

Energean said this week it maintained a rolling carbon intensity reduction plan "and currently anticipates a reduction in carbon emissions intensity of 7.7 kgCO2/boe by 2025, a reduction of more than 85% versus 2019."

The group said it had recorded full-year 2021 emissions intensity of 18.3 kgCO2/boe, a 8% y-o-y decrease. 

"The difference in these figures versus those reported previously are due to reporting changes, as Energean has aligned with industry standards and now reports emissions based on an equity share accounting approach," the company said.

Furthermore, Energean said it had, during the year implemented a zero routine flaring policy across its operated sites and rolled out 'Green electricity in Israel, Greece, and Italy. The latter led to a 100% decrease y-o-y in Scope 2 emissions intensity at operated sites, the company said .

Prinos - Long Term Storage for CO2 emissions

According to Energean, the Prinos CCS project proposal is to provide long-term storage for carbon dioxide emissions captured from both local and more remote emitters. 

Energean estimates that the Prinos subsurface volumes are sufficient to sequester up to 100 million tonnes of CO2, representing up to around 50% of total annual emissions from the Greek manufacturing sector for 20 years. 

During 2021, the European Commission granted approval for the inclusion of the Greek CCS project within the Resilience and
Recovery Fund. In H2 2021, Energean started pre-FEED for the Prinos CCS project, and as mentioned, in March 2022, Energean signed a service contract with Halliburton for a carbon storage subsurface study in Greece.




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