UAE's ADNOC, TAQA in $3.6 bln project to slash offshore carbon footprint

Korea Electric Power

22/12/2021 05:57

DUBAI, Dec 22 (Reuters) - Abu Dhabi National Oil Co (ADNOC)
and Abu Dhabi National Energy Company PJSC (TAQA) on Wednesday
announced a $3.6 billion  project to reduce the carbon footprint
of ADNOC's offshore production operations by more than 30%.
    The project will develop and operate a subsea transmission
system in the Middle East and North Africa region, replacing
existing offshore gas turbine generators with more sustainable
power sources available on the Abu Dhabi onshore power grid.
    The project will be funded through a special purpose vehicle
owned 30% each by ADNOC and TAQA, with the rest held by a
consortium comprised of Korea Electric Power Corp  015760.KS ,
Japan's Kyushu Electric Power Co  9508.T  and Électricité de
France  EDF.PA . 
    Led by KEPCO, the consortium will develop and operate the
project for 35 years alongside ADNOQ and TAQA.
    

 (Reporting by Saeed Azhar; Editing by Devika Syamnath)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))