Abu Dhabi’s Adnoc Starts $3.6 Billion Project to Cut Emissions
(Bloomberg) -- Abu Dhabi’s state oil and gas company announced a $3.6 billion project to reduce emissions from its offshore production facilities.
Abu Dhabi National Oil Co. and Abu Dhabi National Energy Co., known as Taqa, will build a subsea cable to help power the operations with cleaner energy than the natural gas they currently run on.
The plan is part of efforts by the United Arab Emirates to neutralize carbon emissions by 2050. It is expected to reduce the carbon footprint of Adnoc’s offshore operations by more than 30%, according to the company.
The project will be funded by a special purpose vehicle, Adnoc and Taqa said in statements. The companies will each hold a 30% stake, with Korea Electric Power Corp., Japan’s Kyushu Electric Power Co. and Electricite de France SA owning the rest. The consortium will develop and operate the transmission system, which will have a capacity of 3.2 gigawatts.
Earlier this month, Adnoc and Taqa said they would buy stakes in Masdar, the Abu Dhabi government-owned developer of wind and solar power plants. They aim for Masdar to more than double its renewable-energy capacity by 2030 to around 50 gigawatts.
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