Greek-Egyptian Memorandum on carbon storage – Skylakakis meets with ExxonMobil and Chevron

Greek Minister of Environment and Energy, Mr. Theodoros Skylakakis, and Deputy Minister of Environment and Energy, Ms. Alexandra Sdoukou, paid a two-day visit to Cairo on the occasion of the International Energy Exhibition and Conference “EGYPES 2025.”

The Greek Minister of Environment and Energy held a bilateral meeting with Egypt’s Minister of Petroleum and Mineral Resources, Mr. Karim Badawi, where they signed a Memorandum of Understanding (MoU) to promote cooperation between Greece and Egypt in the field of Carbon Capture, Utilization, and Storage (CCUS).

As part of the MoU, Greece and Egypt recognize the importance of cooperation to facilitate the exchange of know-how in the CCS/CCUS sector, as well as the need for coordinated efforts towards the potential development of facilities and storage sites for CCS/CCUS. This development will contribute to achieving climate goals and energy transition.

To oversee the cooperation and support the achievement of the MoU’s objectives, a high-level Greek-Egyptian bilateral committee will be established. The Hellenic Hydrocarbon and Energy Resources Management Company S.A. (HEREMA) will coordinate efforts, facilitating the work of joint task forces to be set up, ensuring compliance with agreed priorities and timelines.

It is noted that Mr. Skylakakis also met with the President of Chevron’s International Exploration and Production division, Mr. Clay Neff, and, together with Ms. Sdoukou, met with ExxonMobil’s Vice President, Mr. John Ardill. During the meetings with representatives of these two energy giants, discussions focused on the prospects for hydrocarbon exploration, in line with existing contracts and recently announced invitations for further exploration.

Mr. Skylakakis participated in a Ministerial Roundtable Discussion on energy security and industrial competitiveness. During this panel, he highlighted Greece’s governmental initiatives, emphasizing that the country is moving simultaneously in multiple directions—effectively—towards green transition, energy security, and lower energy costs.

Among other topics, he spoke about Greece’s electrical interconnection with Cyprus and the ongoing process for a “green” power link with Egypt, primarily aimed at transferring wind energy from Egypt. “When the dust settles from all the tensions, what remains are the agreements you have signed and the plans you have set in motion with your partners,” the Minister of Environment and Energy remarked.

He also pointed out the interest from international giants in exploring Greek waters for hydrocarbon exploitation. Additionally, he emphasized that Greece currently has over 14GW in renewable energy sources (mainly wind and solar, mostly from small investors) and is expected to exceed 20GW within the next 3-4 years, with the bulk of upcoming investments focusing on photovoltaics. Finally, Mr. Skylakakis noted that Greece is now self-sufficient in electricity production and, for the first time in two decades, became—at least to some extent—an electricity exporter in 2024.

Ms. Sdoukou, on the other hand, participated in a separate panel at “EGYPES 2025,” discussing startups in clean energy technologies and climate tech, as well as how climate innovation can enhance competitiveness in the Southeastern Mediterranean.

The Deputy Minister underlined the crucial role these technologies play in combating climate change and the vast potential they still hold. “Today, we have already developed many technologies. However, 35% of the emissions reductions expected by 2050 will come from technologies that do not yet exist in the market,” she stated.

At the same time, she emphasized the need to create the right conditions for developing innovative clean energy solutions. As she explained, “Simplifying regulatory frameworks, facilitating access to financing, and strengthening international collaborations are key factors so that startups can lower costs, experiment with new ideas with fewer constraints, and bring innovative solutions to market faster.”

Finally, the Minister of Environment and Energy inaugurated (on February 17) the HEREMA pavilion at the International Energy Exhibition, while the Deputy Minister participated (on February 16) in an event hosted by the East Mediterranean Gas Forum (EMGF), an initiative aimed at empowering and supporting women in the energy sector in the Eastern Mediterranean.

Source: pagenews.gr