Eni Launches CO2 Capture Project In Italy: Details

ENI S.p.A. E shares are trading lower Tuesday. The company, through its Joint Venture with Snam SPA SNMRY, began CO2 injection activities for Phase 1 of the Ravenna CCS project.

This initiative, aimed at industrial decarbonization, marks Italy’s first project dedicated solely to capturing, transporting, and permanently storing CO2 for environmental purposes.

As per the company’s statement, Ravenna CCS stands out as the world’s first industrial-scale project to achieve such high levels of carbon capture efficiency.

Phase 1 of the project involves capturing around 25,000 tonnes of CO2 annually from Eni’s natural gas treatment plant in Casalborsetti, Ravenna.

The captured CO2 will be transported via reconverted gas pipelines to the offshore Porto Corsini Mare Ovest platform, where it will be injected and stored at a depth of 3,000 meters in the depleted gas field.

The project has already achieved a reduction of over 90% in CO₂ emissions from the Casalborsetti plant, with peaks reaching 96%.

In the coming years, Phase 2 of the project aims to store up to 4 million tonnes of CO2 annually by 2030, aligning with Italy’s Integrated National Energy and Climate Plan (PNIEC).

Claudio Descalzi, CEO of Eni, said, “The capture and storage of CO2 is an effective, safe – and now available – means to reduce emissions from energy-intensive industries whose activities cannot be electrified. We are using our depleted fields, existing infrastructure, and technical expertise in reinjection techniques to offer a very competitive service, which is receiving tremendous interest.”

“We are tackling the complexity of the energy transition with real substance and determination, increasing and enhancing the solutions available to us to decarbonise our activities as well as various areas of economic and industrial systems.”

In July, Eni reported second-quarter FY24 pro forma adjusted EBIT of €4.1 billion, with hydrocarbon production rising 6% Y/Y.

Price Action: E shares are down 2.89% at $31.63 at the last check Tuesday.

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