ADNOC Secures $11 Billion Financing for Hail and Ghasha Gas Project
- ADNOC, Eni, and PTTEP secured up to $11 billion for Hail and Ghasha gas development.
- The Ghasha concession is expected to produce 1.8 billion standard cubic feet of gas per day.
- The project aims to capture 1.5 million tonnes of CO2 annually, equivalent to removing 300,000 cars from roads.
- Over 20 global and regional financial institutions participated in the financing.
Financing Overview
ADNOC, in collaboration with Eni and PTTEP, has secured a structured financing deal of up to $11 billion for the Hail and Ghasha gas development project. This transaction is designed to monetize future gas production from the midstream phase of the project.
Project Details
The Hail and Ghasha project is part of the larger Ghasha concession, located offshore Abu Dhabi. It is expected to produce 1.8 billion standard cubic feet of gas per day. The project is notable for being the first offshore gas initiative aiming for net zero emissions, with plans to capture 1.5 million tonnes of CO2 annually, equivalent to removing over 300,000 cars from the road each year.
Financial Participation
More than 20 leading global and regional financial institutions are involved in the financing, reflecting strong confidence in the project's viability and ADNOC's strategic approach. The non-recourse financing structure enhances the project's resilience and economic potential.
Innovative Financing Model
The financing introduces a commercial model that ring-fences midstream processing facilities, allowing ADNOC and its partners to access low-cost funding while maintaining strategic and operational control. This model is part of a series of ADNOC-led infrastructure development partnerships executed over the past decade.
Source: ADNOC