Abu Dhabi National Oil Company ( Adnoc ), in partnership with Italian oil major Eni and Thailand’s PTT Exploration and Production PCL ( PTTEP ), has signed a structured financing transaction amounting to 40.4 billion dirhams ( US$11 billion ) to monetize future production at Hail and Ghasha, a major offshore natural gas project in Abu Dhabi.

The non-recourse financing deal enables Adnoc to realize upfront value for its products at competitive rates. In addition to providing immediate access to capital, the financing structure introduces an innovative commercial model that ring-fences midstream processing facilities and operations. This enables Adnoc and its partners to raise low-cost funding while retaining strategic and operational control of the assets.

The bank consortium includes Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Agricultural Bank of China, Bank of China, Citibank, The Development Bank of Singapore, Dubai Islamic Bank, Emirates Development Bank, Emirates NBD, First Abu Dhabi Bank, Gulf International Bank, Industrial and Commercial Bank of China, Mashreq Bank, Mizuho Bank, MUFG Bank, Natixis, National Bank of Kuwait, Sharjah Islamic Bank, Sumitomo Mitsui Banking Corporation, Saudi National Bank, and Standard Chartered Bank.

Hail and Ghasha is part of the larger Ghasha Concession, which is expected to produce 1.8 billion standard cubic feet per day ( bscfd ) of gas.

It is the world’s first offshore gas project of its kind that aims to operate with net-zero emissions, capturing 1.5 million tonnes per year ( mtpa ) of carbon dioxide, equivalent to removing over 300,000 cars off the road every year.



“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,” says Sultan Ahmed Al Jaber, United Arab Emirates‘  minister of industry and advanced technology and Adnoc managing director and group chief executive officer.

“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.”

Adnoc says the financing structure for Hail and Ghasha offers a replicable model for large-scale greenfield projects. The transaction is anchored by Adnoc’s reliability as an upstream developer and long-term offtaker. It provides financiers with robust long-term cash flows from high-quality assets, supported by strong contractual and structural protections.