ADNOC and TAQA close financing for 3.8 billion dollar decarbonisation of oil and gas extraction

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) have closed financing for a $3.8 billion project to decarbonise ADNOC’s offshore oil and gas extraction operations.

The transmission system will have 3.2GW of total installed capacity and will comprise two independent sub-sea HVDC links and converter stations.

The project, which supports the ‘UAE Net-Zero by 2050 Strategic Initiative’, is expected to complete in 2025, and will be returned to ADNOC after 35 years of operation.

UAE Minister of Industry and Advanced Technology and ADNOC Group CEO Sultan Al Jaber said: “ADNOC has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify our efforts to decarbonize our operations.”

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