RE: Fantastic news on the way26 Apr 2025 13:46
The optimal geology of the Patardzeuli-Samgori reservoir, which the OPC study indicates is accessible to proven sequestration technology, and the proximity of the Rustavi Azot facility offer the conditions for one of the lowest cost carbon sequestration projects in Europe. The project supports both partners' long-term commitment to sustainability.
Commenting, Paul Haywood, Block Energy Chief Executive Officer said:
"We're delighted to enter into an MoU with Rustavi Azot, and now look forward to forming technical and commercial teams to progress this highly prospective CCS project.
With EU Emissions Trading Scheme ("ETS") prices at around USD 60/ton, the agreement is a significant step forward to developing a commercial pathway toward project development. With upstream and downstream synergies critical for any CCS project, brownfield infrastructure available for re-use, and the conditions for low-cost proven technology, we are excited to see this project develop and look forward to updating shareholders in due course."
One of the largest and lowest cost CCS projects in Europe!! MOU with Rustavi Azot nearly expired... Will both parties mutually extend?? We will find out in about a week 👍 Exciting times ahead with the imminent pilot injection.