ADNOC, along with its partners Eni and PTT Exploration and Production (PTTEP), has signed a structured financing agreement of up to Dh40.4bn ($11bn) for the Hail and Ghasha gas development project.
This financing will be used to monetise future midstream gas production from the Hail and Ghasha project, part of the broader Ghasha concession, offshore Abu Dhabi, United Arab Emirates (UAE).
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The Ghasha concession is forecast to deliver 1.8 billion standard cubic feet per day (bscf/d) of gas.
Described as a non-recourse financing arrangement, the transaction has seen participation from more than 20 international and regional financial institutions.
This structure is said to enable ADNOC and its partners to access capital at competitive rates while maintaining operational and strategic oversight of the midstream assets.
The financing is “ring-fenced” around the processing facilities and operations, enabling the raising of low-cost funding, stated ADNOC.
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By GlobalDataUAE Minister of Industry and Advanced Technology and ADNOC managing director and group CEO Sultan Ahmed Al Jaber said: “This landmark transaction builds on ADNOC’s successful track record of global energy partnerships and unlocks capital to drive progress at Hail and Ghasha, one of the world’s most ambitious offshore gas projects.
“The exceptional demand from over 20 leading global and regional financial institutions reinforces confidence in ADNOC’s value creation strategy, innovative approach to financing and expertise in delivering megaprojects.
“Hail and Ghasha is an important contributor to ADNOC’s gas strategy and is on track to generate significant value for ADNOC, our partners and the UAE, while unlocking important new gas resources for our customers.”
ADNOC said that the financing follows several major midstream and infrastructure deals led by the company over the past decade.
These include a $4.9bn oil pipeline partnership and a $10.1bn gas pipeline agreement, along with build-own-operate-transfer projects (BOOT).
The BOOT projects include a $3.8bn offshore power and decarbonisation initiative and a $2.2bn water supply project for onshore operations.
ADNOC said that the Hail and Ghasha project aims to operate with net-zero emissions and capture 1.5 million tonnes of CO₂ annually.
The project will also leverage the company’s advanced AI and technologies from its Thamama Centre of Excellence.
Last month, ADNOC outlined a $150bn investment plan between 2026 and 2030, aiming to sustain current operations and expand growth.
