Greek Minister of Environment and Energy Theodoros Skylakakis and Egyptian Minister of Petroleum and Mineral Resources Karim Bandawi are set to sign a Memorandum of Understanding (MoU) on CO2 storage on Monday, February 17, during the EGYPES 2025 international petroleum exhibition in Cairo.
Athens-Cairo CO2 Storage Agenda
The bilateral cooperation on carbon capture and storage (CCS) technologies has been high on the energy agenda for months and has now reached a mature stage. Since last spring, the Greek government has called on the European Commission to revise the EU’s industrial emissions management strategy, allowing carbon dioxide (CO2) storage in geological reserves or other infrastructures outside the EU.
CO2 Storage Expertise
Greece and Egypt had previously held discussions on the possibility of storing CO2 emissions captured from Greek industries in Egyptian storage facilities. With the agreement, Greece will contribute technical expertise through the Hellenic Hydrocarbon and Energy Resources Management Company (HEREMA). The agency will also coordinate with the European Commission to pave the way for CO2 storage sites in Egypt, which could eventually serve European needs.
In Greece, Enearth, a subsidiary of Energean, is already advancing a CO2 storage project in Prinos. The environmental impact study has been submitted for public consultation, and the project is awaiting a storage license from HEREMA. The Prinos CO2 Storage project aims to store 1 million tons of CO2 in its first phase and 3 million tons in the second phase.
Additionally, Greek industries are investing in carbon capture projects, while DESFA (the Greek natural gas grid operator) is progressing with the development of the first CO2 transportation network to the Prinos storage facility. However, Greece still lacks a regulatory framework for CCS technology, which remains pending from the Ministry of Environment and Energy.
Big Oil at EGYPES 2025 & Skylakakis’ Key Meetings
Greece will have a strong presence at EGYPES 2025, with participation at both the political level (Minister Theodoros Skylakakis and Deputy Minister Alexandra Sdoukou) and the corporate level (HEREMA CEO Aristophanes Stefatos). Leading Greek energy companies such as Copelouzos Group (developer of the Greece-Egypt electricity interconnection – GREGY), Enterprise Greece, Energean, Helleniq Energy, DESFA, and Asprofos will also be present.
The exhibition will also host Chevron President Clay Neff and ExxonMobil Vice President John Ardill, with whom the Greek delegation is expected to hold crucial meetings.
The timing is significant, as Greece is preparing to launch a tender for a new offshore exploration block south of the Peloponnese, an area of interest to Chevron. Additionally, ExxonMobil is expected to make an investment decision this year regarding exploratory drilling in its Crete concessions, where it operates.
Upcoming Offshore Exploration Tender
The South Peloponnese offshore block tender will soon be published in the EU’s Official Journal, initiating a 90-day period for expressions of interest. However, territorial expansion of exploration zones remains under discussion, as indicated in the Ministry’s official statement on the new concession, beyond the 11,000 square kilometers currently defined for the block.
Source: OT
