Adnoc and Taqa launch $3.6bn project to decarbonise offshore production operations – The National

Abu Dhabi National Oil Company and Abu Dhabi National Energy Company, known as Taqa, launched a $3.6 billion renewable energy project to significantly decarbonise the state-owned oil and gas producers offshore production operations and help the UAE achieve its 2050 net-zero ambitions.

The companies are developing and will operate first-of-its-kind high-voltage, direct current (HVDC-VSC) subsea transmission system in the Mena region, Adnoc said in a statement on Wednesday.

The transmission system will power Andocs offshore production operations with cleaner and more efficient energy, which will be delivered through Taqa-owed Abu Dhabi onshore power grid.

The project will be funded through a special purpose vehicle a dedicated company in which Adnoc and Taqa will each own a 30 per cent stake. A Korea Electric Power Corporation (Kepco)-led consortium, which includes Japans Kyushu Electric Power Company and lectricit de France (EDF) will hold a combined 40 per cent stake in the project on a build, own, operate and transfer basis, Adnoc said.

The consortium will develop and operate a transmission system alongside Adnoc and Taqa, with the full project being returned to Adnoc after 35 years of operation.

As Adnoc embraces the energy transition, this bold and progressive project will replace our existing offshore local power supply with cleaner and more sustainable onshore power sources, significantly reducing our carbon footprint while enabling additional cost savings, Yaser Almazrouei, Adnoc upstream executive director, said.

This first-of-its-kind project is a further example of how Adnoc is advancing practical and commercially viable solutions to secure a lower carbon future, while driving significant foreign direct investment, and, in turn, cementing Abu Dhabi and the UAEs position as a trusted global investment destination.

Updated: December 22nd 2021, 5:48 AM

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Adnoc and Taqa launch $3.6bn project to decarbonise offshore production operations - The National