ADNOC plans 3.6-bln decarbonisation works
ABU DHABI, December 22, 2021 – Abu Dhabi National Oil Company (ADNOC) and partner TAQA have awarded a USD 3.6-billion contract to a consortium led by Korea Electric Power Corporation to decarbonise its offshore assets, the Emirati NOC announced on Wednesday.
The works involve connecting ADNOC’s offshore operations to TAQA’s clean onshore power network via a high voltage, direct current subsea transmission line. The grid will be the first of its kind in the MENA region.
The project will be funded through a special purpose vehicle that is jointly owned by ADNOC and TAQA, each with a 30% stake. The remaining shares are held by the consortium that includes Korea Electric Power Corporation, Japan’s Kyushu Electric Power Company and Électricité de France.
Under the contract, the assets will be handed back to ADNOC after 30 years.
The project is expected to lower the NOC’s carbon emissions by 30% and support the country’s target to have net-zero carbon emissions by 2050.
“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,” said Yaser Saeed Almazrouei, upstream director for ADNOC.