We are very pleased with the selection of our company in “The Most Sustainable Companies in Greece 2022” and we warmly thank the judges of QualityNet Foundation for this important distinction. Energean operates in 8 countries in the Mediterranean and the North Sea and has been the first E&P company in the world to commit to a net zero target by 2050. We are on track and shall be achieving this target much earlier. Already in 2025, we expect to enjoy an 85% decrease in our CO2 emissions in comparison to 2019 levels, which will then be approximately 60% lower than the current average of the oil & gas industry.
In Greece, we have managed to eliminate Scope 2 emissions at the Prinos hydrocarbon production facility and decrease total emissions by approximately 50%, as we are sourcing 100% electricity from renewable energy sources. Furthermore, we are working to implement two investments totaling app. 600 million euros. These investments will not only contribute to national and European efforts towards combating climate change but will also enhance the competitiveness of the industrial sector in Greece. Prinos has been identified as an ideal location to host a CO2 Storage plant with an initial storage capacity adequate to store about 100% of the emissions of the Greek manufacturing sector for a period of 10 years, starting from 2025. Respective savings in the context of the EU ETS translate into savings for the Greek industry of at least 8 billion euros, given the current EU Allowance prices.
Adjacent to Prinos CO2 Storage, Energean plans to install a 40tonne/day “Eco-H2” plant. Its capacity translates to circa 0.5 TWh of H2 production per year, an amount that is sufficient to power a car for 4,000,000 kilometres.
The two projects will convert Prinos into an industrial complex that will be a landmark for the wider Mediterranean region and confirm Energean’s commitment to the sustainable development.
Managing Director & Country Manager