Abu Dhabi National Oil Company (ADNOC), in partnership with Eni and PTT Exploration and Production Public Company Limited (PTTEP), has announced the successful signing of a landmark structured financing transaction of up to 11 billion dollars (AED 40.4 billion) to monetise future midstream gas production from the Hail and Ghasha development.
Hail and Ghasha forms part of the wider Ghasha Concession, located offshore Abu Dhabi, and is expected to produce 1.8 billion standard cubic feet per day of gas. The project is designed to be the world’s first offshore gas development of its kind to operate with net zero emissions, capturing approximately 1.5 million tonnes of carbon dioxide per year, the equivalent of removing more than 300,000 cars from the road annually.
The non-recourse financing structure, which is unique for a project of this scale and complexity, enables ADNOC to realise upfront value at competitive rates while retaining strategic and operational control. By ring-fencing midstream processing facilities and operations, the structure allows ADNOC and its partners to access low-cost funding while maintaining asset ownership. The transaction builds on ADNOC’s track record of pioneering infrastructure partnerships, including major oil and gas pipeline agreements and build-own-operate-transfer projects that support decarbonisation and sustainable operations.
His Excellency Dr Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and ADNOC managing director and Group CEO, said the transaction reflects strong market confidence in ADNOC’s value creation strategy, innovative financing approach and ability to deliver complex mega projects. He added that Hail and Ghasha is a core component of ADNOC’s gas strategy and is expected to generate significant long-term value for the company, its partners and the UAE, while unlocking new gas resources for customers.
For more information visit www.adnoc.ae
