Adnoc and state-led Taqa announced on 23 September financial close for their $3.8bn project to connect offshore oil and gas operations to the onshore grid through two HVDC cables. Construction is due to begin by year-end, with the connection operational by 2025. This ‘Project Lightning’ is aimed at significantly decarbonizing Adnoc’s offshore operations, by enabling them to be powered by onshore sources of nuclear and renewable energy (MEES, 24 December 2021).
The two firms each hold 30% stakes, with the remaining 40% held by a consortium of Korea Electric Power (Kepco), Kyushu Electric Power Company (Kyuden) and Électricité de France (EDF). The Consortium will build, own, operate and transfer the transmission system alongside Adnoc and Taqa, before ownership reverts to Adnoc after 35 years. The project’s price-tag has increased slightly from $3.6bn, which Adnoc attributes to higher interest rates. (CONTINUED - 208 WORDS)