Energean Egypt and Shell Egypt have entered a Memorandum of Understanding (MoU) to explore a mutually beneficial decarbonisation solution.
According to Energean, the MoU is designed to support the decarbonisation and the energy transition of the Arab Republic of Egypt, contributing to global efforts against climate change.
Energean said it will build on its experience in designing a carbon capture and storage (CCS) solution in a depleted hydrocarbons field that it has operated for many years, mirroring the process ongoing in Prinos, Greece.
Under the MoU, the companies will conduct a study that will focus on the decarbonisation of the LNG terminal in IDKU operated by Shell through capturing and storing the carbon dioxide in a depleted reservoir in the Abu Qir offshore concession operated by Energean.
Energean noted that Egypt has undoubted CCS potential due to a series of interlinked factors:
Nicolas Kacharov, CEO of Energean International and Country Manager Egypt, commented: “CCS in Egypt can only be developed in long-term partnerships with industries willing to ‘green’ their products. We are excited to work with Shell as such a credible and committed partner.”
Last year, Egypt signed a MoU with the European Union (EU) that is expected to facilitate investment in renewables and boost the decarbonisation process in Egypt.
Follow Offshore Energy’s Clean Fuel on social media: