Abu Dhabi Nationwide Oil Firm (ADNOC) and Abu Dhabi Nationwide Vitality Firm PJSC (TAQA) have introduced a US$3.6bn strategic undertaking to considerably decarbonise ADNOC’s offshore manufacturing operations
The partnership goals to ship vital overseas direct funding and additional cements Abu Dhabi and the UAE as a trusted world funding vacation spot. (Picture supply: ADNOC)
The transfer goals to strengthen ADNOC and TAQA’s place in driving and main sustainability efforts and supporting the UAE ‘Web-Zero by 2050 Strategic Initiative.’
The undertaking will see the event and operation of a first-of-its-kind high-voltage, direct present (HVDC-VSC) subsea transmission system within the Center East and North Africa (MENA) area. It’s going to energy ADNOC’s offshore manufacturing operations with cleaner and extra environment friendly vitality, delivered by the Abu Dhabi onshore energy grid, owned and operated by TAQA’s transmission and distribution corporations.
The undertaking will probably be funded by a particular goal automobile (SPV) – a devoted firm that will probably be collectively owned by ADNOC and TAQA (30% stake every), and a consortium comprised of Korea Electrical Energy Company (KEPCO), Japan’s Kyushu Electrical Energy Co and Électricité de France (EDF). Led by KEPCO, the consortium will maintain a mixed 40% stake within the undertaking on a construct, personal, function and switch foundation.
The consortium will develop and function the state-of-the-art transmission system alongside ADNOC and TAQA, with the complete undertaking being returned to ADNOC after 35 years of operation. The undertaking is topic to related regulatory approvals.
The event is predicted to scale back the carbon footprint of ADNOC’s offshore operations by greater than 30%, changing current offshore fuel turbine turbines with extra sustainable energy sources accessible on the Abu Dhabi onshore energy community. This progressive and collaborative method can even drive operational efficiencies and enhance system reliability of vitality provide, whereas providing the potential for energy provide price optimisation.
Yaser Saeed Almazrouei, ADNOC upstream government director, stated, “As ADNOC embraces the vitality transition, this daring and progressive undertaking will substitute our current offshore native energy provide with cleaner and extra sustainable onshore energy sources, considerably lowering our carbon footprint whereas enabling extra price financial savings.”
“This primary-of-its-kind undertaking is an extra instance of how ADNOC is advancing sensible and commercially viable options to safe a decrease carbon future, whereas driving vital overseas direct invesment, and, in flip, cementing Abu Dhabi and the UAE’s place as a trusted world funding vacation spot,” Almazrouei added.
