The UAE company, ADNOC and TAQA, announced a joint strategic project worth 13.22 billion dirhams (about $3.6 billion) to supply ADNOC's marine operations with electricity.< /p>
The two companies said in a statement, today, Wednesday, that the goal of the project is to reduce carbon emissions from ADNOC's offshore field operations, as the innovative project will see the development and operation of a system for the transmission of direct electric current. High-voltage subsea power to supply ADNOC's offshore production operations with more efficient and environmentally friendly energy by connecting them to Taqa's electricity grid.
This project will be financed by a company created specifically for this purpose and jointly owned by ADNOC and TAQA with a 30% stake each, and a consortium that includes both the Korean company Electric Power Corporation (KEPCO), Japan's Kyushu Electric Power Company, and Electricité de France (EDF) with a 40% stake.
The consortium will develop and operate the advanced electricity transmission network in partnership with ADNOC and TAQA, provided that the entire project will be returned to ADNOC after 35 years of operation, while the project will be subject to completion of procedures. necessary and obtain approvals from the relevant regulatory authorities.
The project will contribute to reducing carbon emissions from ADNOC's offshore operations by more than 30% by replacing current electricity generators that rely on gas turbines with more sustainable sources of electricity generation. This joint venture will raise operational efficiency and enhance the reliability of the power supply system as well as potentially reduce electrical energy costs.