Spanish oil and gas company Repsol has secured €205 million from the European Commission for funding of the Tarragona carbon storage project.
The funding is part of 77 decarbonization initiatives provided by the EU Innovation Fund.
The Tarragona carbon storage facility is located underwater, 31 miles from Amposta, and will be positioned in a natural cavity, Carbon Herald reported. The site, located 3,280 feet below ground, has the capacity to store up to 54 million tons of CO2.
According to its plans, Repsol will use the facility for 2 million tons of CO2 storage, which will allow it to reduce emissions by 30% from local chemical and cement production facilities.
To receive the funding, Repsol must first be awarded a research permit from the Spanish government, for which the company has already applied.
The research must also conclude that the project is both favorable economically for Repsol, and that the underground carbon storage facility will meet environmental safety standards.
Research on the project is anticipated to take four years.
To meet its target of reducing carbon emissions by 50% by 2030, the European Commission has allocated €4.8 billion to fund carbon capture, utilization, and storage (CCUS) projects.
