Hydrocarbon Management Company Expands on Carbon Dioxide Storage

The Hellenic Hydrocarbon Management Company (EDEY) has been designated as the national competent authority for the licensing and monitoring of carbon dioxide (CCS) storage projects as well as other gas and liquid storage projects, in accordance with an amendment of the Ministry of Environment and Energy. / 2022.

Specifically, EDEY is defined as the competent authority “for the issuance of licenses for exploration and storage of carbon dioxide in geological formations and the general management of the rights of the Greek State regarding the exploitation of geological formations for the storage of carbon dioxide or other and associations, including the conclusion and monitoring of the implementation of the relevant contracts “. To the purposes of EDEY is added the monitoring of the safe operation of the relevant projects, as well as the suggestion to the competent ministers for the issuance of the foreseen regulations.

EDY CEO Aristophanes Stefatos said: “CO2 storage is a recognized key to a successful transition to a zero-carbon economy and the hydrocarbon industry has been pioneering the development of CCS technology since the 1970s. “CCS introduces practical short- and medium-term solutions for domestic industries that need to reduce their carbon footprint, which at the same time makes them competitive in both the domestic and international markets.”

CO2 storage is a technology for mitigating climate change, as it allows the reduction of CO2 emissions and is going to play a key role in tackling global warming. CCS involves a three-step process: CO2 capture from industrial activities such as electricity generation, cement, steel and aluminum, petrochemicals, etc., transport of bound CO2 by ship or pipeline to a designated storage area and permanent storage CO2 in specific geological formations. CCS technologies may also include the removal of existing CO2 from the atmosphere.