Italian energy company Eni and energy infrastructure company Snam have agreed to jointly develop Carbon Capture and Storage (CCS) project in Italy.
Under the agreement, the two firms will form a 50-50 joint venture to develop and manage Phase I of the Ravenna Carbon Capture and Storage (CCS) Project.
The first phase of the Ravenna CCS Project involves the capture of 25,000 tonnes of CO2 emitted from Eni‘s Ravenna natural gas treatment plant in Casalborsetti.
The captured CO2 will then be transferred to the Porto Corsini Mare Ovest platform, via pipeline, injected into the homonymous depleted gas field in Ravenna’s offshore.
Furthermore, the two parties will implement studies and preparatory activities for the subsequent development phases.
Eni CEO Claudio Descalzi said: “Today it is necessary to join forces in order to reconcile decarbonization goals, energy security and competitiveness.
“Phase 1 of the Ravenna Project will allow to reduce emissions from the Casalborsetti power plant, launching in Italy a project based on a mature technological process that is key for the achievement of our climate goals.
“CCS is complementary to renewables, to energy efficiency solutions and to the other available levers, and is central to avoiding CO2 emissions from highly energy-intensive sectors that currently have no technological alternatives for decarbonisation”.
Snam CEO Stefano Venier said: “CCS projects are being developed globally and are already at an advanced stage both in Europe – especially in the UK, the Netherlands and the Nordic countries – and in the US.
“This joint venture sets the first initiative in Italy with the ambition to offer a solution to the entire hard-to-abate production cluster in the Po Valley, and potentially also to other Italian regions as well as other countries bordering the Mediterranean basin.”
Eni expects the overall Phase I of the project to create more than 500 new jobs.