Operated by Eni, in a joint venture with Italian utility Snam, it aims to become the pioneer hub for Italy and the Mediterranean. The JV launched phase 1 in Q4 2022, paving the way for the first application of the full capture, transport and storage chain in Italy. It will cover the capture of 25,000 tonnes of carbon dioxide per year emitted from Eni’s natural gas treatment plant near Ravenna and its injection into a depleted offshore gas field. As of today, Phase 1 of the project has obtained a CO2 storage licence from the Italian authorities.
Phase 2, scheduled to start in 2027, aims to allow storage of 4 million tonnes of carbon dioxide per year: 1 million tonnes will come from plants owned by Eni and the remaining 3 million tonnes will be reserved for third party industrial emitters. Eni and Snam are already in talks with hard-to-abate industries in the region (cement, steel, fertilizer, chemicals among others), and have signed a letter of intent with four emitters located in the Ravenna industrial area. Interest from emitters in Italy and beyond has grown with the increase in ETS carbon prices, and the European Commission’s ‘Fit-for-55’ package of climate legislation.
Storage will be in offshore depleted gas reservoirs in the Adriatic off the coast of Ravenna. Total storage resource in the Adriatic is estimated at 500 million tonnes, giving the possibility in subsequent development phases to increase storage capacity to more than 10 million tonnes per year, covering the decarbonization needs of additional clusters.