Eni S.p.A. (ENI) shares took a dip on Tuesday as the company, in collaboration with Snam SPA (SNMRY), commenced CO2 injection activities for Phase 1 of the Ravenna CCS project. This landmark initiative represents Italy’s first project exclusively focused on capturing, transporting, and permanently storing CO2 for environmental purposes.
According to Eni’s statement, Ravenna CCS distinguishes itself as the world’s inaugural industrial-scale project to achieve such exceptional levels of carbon capture efficiency. Phase 1 of the project involves the capture of approximately 25,000 tonnes of CO2 annually from Eni’s natural gas treatment plant located in Casalborsetti, Ravenna. This captured CO2 is then transported via repurposed gas pipelines to the offshore Porto Corsini Mare Ovest platform, where it is injected and stored at a depth of 3,000 meters in a depleted gas field.
The project has already made significant strides in reducing CO2 emissions from the Casalborsetti plant, achieving a reduction of over 90% with peaks reaching 96%. In the coming years, Phase 2 of the project has ambitious goals 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, emphasized the importance of CO2 capture and storage as an effective and readily available solution to reduce emissions from energy-intensive industries. He highlighted the company’s utilization of depleted fields, existing infrastructure, and expertise in reinjection techniques to offer a highly competitive service that is attracting substantial interest.
Descalzi further stated that Eni is tackling the complexities of the energy transition with concrete actions and unwavering determination, expanding and enhancing the available solutions to decarbonize its operations and various sectors of the economy and industrial systems.
In July, Eni reported second-quarter FY24 pro forma adjusted EBIT of €4.1 billion, with hydrocarbon production increasing by 6% year-over-year. At the close of trading on Tuesday, Eni shares were down 2.89% at $31.63.
