Abu Dhabi National Oil Company (ADNOC) has successfully finalised a structured financing deal worth up to $11 billion to support the Hail and Ghasha gas development. The agreement was signed alongside international partners Eni and PTTEP. This significant financial package is designed to monetise future gas production from the project’s midstream operations. Located offshore Abu Dhabi, the Hail and Ghasha fields are part of the larger Ghasha Concession, which is projected to deliver 1.8 billion standard cubic feet of gas every day.

The financing is structured as a non-recourse transaction, a rare approach for an energy project of this magnitude. It allows ADNOC to unlock upfront value while ring-fencing specific midstream processing facilities. This method enables the company and its partners to secure low-cost funding without losing strategic or operational command of the infrastructure. More than 20 leading financial institutions from across the globe took part in the transaction, demonstrating high confidence in the project’s commercial viability.

Sustainability is a core component of the development, which aims to be the first offshore gas project in the world to operate with net-zero emissions. The site will feature carbon capture technology capable of collecting 1.5 million tonnes of CO2 annually. This is roughly equivalent to the emissions produced by 300,000 cars.

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, 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 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.”

This latest agreement follows a string of similar infrastructure deals led by ADNOC over the last ten years. These include multi-billion dollar partnerships for oil and gas pipelines as well as large-scale decarbonisation and water supply projects. The current financing model is expected to serve as a template for future greenfield developments.