Energean, Shell Agree to Collaborate on Egypt Decarbonization Project
16 February 2023 - 10:04PM
Dow Jones News
By Anthony O. Goriainoff
Energean PLC said Thursday that it has reached a preliminary
agreement with Shell PLC to explore a decarbonization solution in
Egypt.
The FTSE 250 oil-and-gas company said the agreement will address
a major carbon capture and storage, or CCS, feasibility challenge
and will focus on the decarbonization of Shell's Idku liquefied
natural gas marine terminal on the Mediterranean.
The company said it will capture and store the carbon dioxide in
a depleted reservoir in the Abu Qir offshore concession which
Energean operates.
Future development stages will allow the facility to take
emissions from other industrial emitters such as fertilizers, it
said.
Energean Egypt has entered into a memorandum of understanding
with Shell Egypt, the company added.
"Energean will build on its experience in designing a CCS
solution in a depleted hydrocarbons field that it has operated for
many years, mirroring the process ongoing in Prinos, Greece," it
said.
Energean shares at 1014 GMT were up 1 pence, or 0.08%, at 1,233
pence, with Shell up 4.95 pence, or 0.2%, at 2,560 pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
February 16, 2023 05:49 ET (10:49 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Energean (LSE:ENOG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Energean (LSE:ENOG)
Historical Stock Chart
From Apr 2023 to Apr 2024
