As the transition to a low-carbon energy system progresses, global dependence on oil and gas will continue for the foreseeable future. We recognize the dual importance of meeting the rising global demand for hydrocarbons while ensuring the lowest carbon footprint possible for oil and gas production.
In 2022, we announced a $3.6 billion, first-of-its-kind, sub-sea transmission network in the MENA region to connect ADNOC’s offshore operations to TAQA’s clean onshore power network, unlocking cost-savings and environmental benefits.
This network will reduce ADNOC’s offshore carbon footprint by more than 30%, and further support the UAE ‘Net Zero by 2050 Strategic Initiative’.
In order to access renewable sources of energy to power our operations, ADNOC partnered with Emirates Water and Electricity Company (EWEC). Starting in January 2022, the strategic partnership, which is the largest of its kind in the oil and gas industry, will realize up to 100 per cent of ADNOC’s grid power supply by EWEC’s nuclear and solar energy sources. This makes ADNOC the first major oil and gas company to decarbonize its power at scale through a clean power agreement and strengthens the company’s position as one of the world’s least carbon-intensive oil and gas producers.
Simultaneously, EWEC will benefit from long-term electricity offtake for its current and future renewable and clean power sources, which include solar and nuclear power, enabling continued investment in transformative innovations to decarbonize the energy sector.
Replacing existing offshore gas turbine generators with low carbon sources of electricity, including renewable and nuclear power, is an extension of our 2030 growth and sustainability strategies, delivering on our business objectives to drive operational efficiencies, cost optimization, and significantly reduce our offshore greenhouse gas emissions.