Dr. Katerina Sardi, our Managing Director & Country Manager in Greece, recently took part in the Hellenic Survey of Geology & Mineral Exploration Conference, themed “Exploring Our Mineral Wealth.”
She joined a panel discussion on CO₂ storage, sitting alongside top scientists and industry experts from sectors that are tough to decarbonize. Katerina spoke about Prinos, a site with over 50 years of geological study - originally for oil production - and how it's now being confirmed as a viable option for CO₂ storage.
“We kicked off our studies back in 2019, starting with a scenario to inject 1 million tons of CO₂ per year as part of the project’s first phase,” she said. “That phase secured funding through the EU Recovery and Resilience Facility (RRF), with a tight schedule for four drillings - two for CO₂ injection and two for water.”
She also shared that studies show the area could store up to 2.8 million tons of CO₂ annually. That capacity will be made available to third parties through an open, transparent process, as per EU rules. “So far, we’ve seen strong interest -15 non-binding MoUs have already been signed -and we’re aiming to launch the market test by the end of autumn.”
EnEarth has already submitted a request for a storage permit. Katerina pointed out that while the licensing process in Greece is solid - fully aligned with Directive 31/2009 - the challenge lies in the financial support mechanisms.
“Over-regulation in the CCS value chain could slow things down. What’s really needed now are tools like Carbon Contracts for Difference (CCFDs). These projects require stable, long-term financial backing. Just like our investment in Prinos, which is estimated at €1 billion - it’s a big commitment that needs proper funding support.”