Eni's Claudio Descalzi and Snam's Stefano Venier signed a joint venture agreement to create a carbon capture project in Italy. (Source: Eni)
Eni and energy infrastructure company Snam entered a joint venture (JV) to develop and manage Italy's first carbon capture and storage (CCS) project, a press release announced on Dec. 19.
"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 decarbonization," Eni CEO Claudio Descalzi commented in the release.
The JV is looking to contribute to the decarbonization of hard-to-abate sectors such as steel mills, cement, ceramics and chemicals.
"It is a fact that CCS technologies have consolidated their role at a global level as a tool available to achieve decarbonization goals, and for this reason they are gaining more and more attention from governments, investors and industry players," Snam CEO Stefano Venier added.
Phase 1 of the Ravenna CCS project will capture 25,000 tones of CO2 from Eni's Casalborsetti natural gas treatment plant and transported to the Porto Corsini Mare Ovest platform, where it will be injected into a depleted gas field offshore Ravenna.
"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," Descalzi continued.
The first phase of the project will also create an estimated 500 new jobs, playing an important role in the local economies.
"CCS projects are being developed globally and are already at an advanced stage both in Europe - especially in the U.K., the Netherlands and the Nordic countries and in the U.S.," Venier said. "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."
Recommended Reading
Alberta Offers to Work with Trudeau on Carbon Capture with Conditions
2023-02-17 - Alberta Premier Danielle Smith agreed to work with Prime Minister Justin Trudeau on carbon capture regulations on the condition that Alberta is consulted before passing legislation or policies impacting the oil and gas sector.
Alberta Minister Says Canada Emissions Cap Stalls Other Climate Action
2023-02-14 - Canada needs to pack nearly all its decarbonization into eight years to meet its 2030 target since its emissions have only fallen 3% since 2005, according to an emissions report.
Canadian Oil Group Says Federal, Provincial Tension Blocking Carbon Capture Talks
2023-01-24 - The Pathways Alliance, comprised of Cenovus Energy, MEG Energy, Suncor Energy, Canadian Natural Resources, Imperial Oil and ConocoPhillips, represent 95% of Canada's oil sands production.
Keystone Pipeline Oil Flows Won't Change After US Orders Pressure Cut, CEO Says
2023-03-09 - The Keystone Pipeline has already been operating within the requirements of the new order from the Pipeline and Hazardous Materials Safety Administration, CEO François Poirier said in an interview.
Canadian Oil Producers’ ESG Strategy: Made in Canada
2023-03-15 - As environmental concerns and human rights become top priorities, Canadian E&Ps producing from oil sands say their commodity should be the preferred barrel going forward.