An oceanic offshore system and method for generating electric power which comprises a structure positioned at an offshore location. A power generating module is mounted on the structure, the power generating module including a turbine, an electric power generator coupled to the turbine, and a generating source of power fluid for the turbine resulting from the combustion of a fossil fuel. There is a capture system connected to the generating source for transferring carbon dioxide combustion gases to a subsea location for sequestration of CO2.