Energean Plc submitted a proposal to the Greek government to build a carbon dioxide storage facility and a hydrogen plant in northern Greece close to the Prinos oil field.
The project would be the first of its kind in the Mediterranean. Capital expenditure for the project is close to USD $500 million and, if approved, the project will be funded by the European Union’s recovery and resilience facility.
Energean plans to build the small-scale blue hydrogen plant within its existing Sigma onshore site at Kavala, near Prinos. Blue hydrogen is the conversion of natural gas into hydrogen and carbon dioxide. The EU, national governments and utilities are currently heavily invested in researching and producing green hydrogen, which in contract, uses renewable energy to make the clean burning fuel.