Abu Dhabi National Oil Company (ADNOC), together with partners Eni S.p.A. and PTT Exploration and Production Public Company Limited (PTTEP), has finalized a structured financing deal of up to $11 billion for the Hail and Ghasha gas development project. The transaction aims to monetize future midstream gas production from the Hail and Ghasha fields, which are part of the larger Ghasha Concession offshore Abu Dhabi.
The Ghasha Concession is expected to produce 1.8 billion standard cubic feet per day of gas. According to ADNOC, this initiative represents the world’s first offshore gas project designed to operate with net zero emissions, targeting annual carbon capture of 1.5 million tonnes of CO2—an amount comparable to removing over 300,000 cars from roads each year.
The non-recourse financing structure is notable for its scale in the energy sector and allows ADNOC and its partners immediate access to capital while maintaining strategic control over assets. More than 20 international and regional financial institutions participated in the consortium, including banks such as Citibank, Bank of China, First Abu Dhabi Bank, Standard Chartered Bank, among others.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO stated: “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 mega projects. 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.”
The new financing model follows previous large-scale infrastructure deals by ADNOC—including a $4.9 billion oil pipeline partnership agreement; a $10.1 billion gas pipeline deal; a $3.8 billion build-own-operate-transfer (BOOT) project focused on powering offshore operations with lower emissions; as well as a $2.2 billion sustainable water supply initiative for onshore sites.
The midstream phase includes facilities for processing natural gas, condensate, and natural gas liquids with long-term product flows underpinning the financial framework between ADNOC/partners and lenders.
ADNOC highlighted that advanced technologies—including artificial intelligence—will be used at its Thamama Center of Excellence as part of this project.
The company believes that this financing approach can serve as a model for other large greenfield developments due to its robust cash flow structure supported by strong contractual protections.
