TAQA, ADNOC launch $3.6bn project to decarbonise offshore operations

TAQA, ADNOC launch $3.6bn project to decarbonise offshore operations

(TAQA) and Abu Dhabi National Oil Company (ADNOC) have launched a $3.6 billion project to decarbonise ADNOC’s offshore production operations. As part of the project, MENA's first-of-its-kind high voltage and direct current subsea transmission system will be developed and operated to power ADNOC’s offshore production operations, according to a press release on Wednesday. This power will be provided through the Abu Dhabi onshore power grid, owned and operated by TAQA’s transmission and distribution companies. Subject to regulatory approvals, the project will be funded through a special purpose vehicle (SPV), a dedicated company that will be jointly owned by TAQA and ADNOC with each of them owning a 30% stake, alongside a consortium. To own a combined 40% stake in the project, the consortium comprises Korea Electric Power Corporation (KEPCO), Japan’s Kyushu Electric Power Co., and Électricité de France (EDF). Expected to cut the carbon footprint of ADNOC’s offshore operations by over 30%, the full project will return to ADNOC following a 35-year operation. The said: Meanwhile, commented: