ADNOC, TAQA close $3.8bn decarbonisation pact

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) on September 23 announced successful financial closing of their $3.8bn project to power and decarbonise ADNOC’s offshore production operations.

Together with a consortium comprised of Korea Electric Power, Kyushu Electric Power Company and Electricite de France, this is a first-of-its-kind high-voltage direct current sub-sea transmission network in the MENA region, ADNOC said.

The consortium will build, own, operate and transfer the state-of-the-art transmission system alongside ADNOC and TAQA, with the full project being returned to ADNOC after 35 years of operation.

The development is expected to reduce the carbon footprint of ADNOC’s offshore operations by more than 30%, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power network, operated by TAQA’s wholly owned subsidiary, Abu Dhabi Transmission and Despatch Company.