Abu Dhabi National Oil Company (ADNOC), in collaboration with energy partners Eni and PTT Exploration and Production, has achieved a groundbreaking financial milestone with the successful closure of an $11 billion structured financing arrangement. This transformative transaction specifically targets the midstream development of the Hail and Ghasha natural gas fields, situated within the broader Ghasha Concession offshore Abu Dhabi.
The financing model represents a significant innovation in energy project funding, being structured as non-recourse financing—an unprecedented approach for a project of this magnitude and technical complexity. This arrangement enables ADNOC to realize upfront value for future gas production while maintaining strategic and operational control over the assets. The transaction has attracted exceptional demand from more than 20 leading global and regional financial institutions, demonstrating strong market confidence in ADNOC’s development strategy.
Beyond its financial engineering, the Hail and Ghasha project represents an environmental milestone as the world’s first offshore gas development designed to operate with net-zero emissions. The project incorporates advanced carbon capture technology capable of sequestering 1.5 million tonnes of carbon dioxide annually—equivalent to removing more than 300,000 vehicles from roadways each year. Upon completion, the concession is projected to produce approximately 1.8 billion standard cubic feet of natural gas per day, significantly contributing to the UAE’s energy strategy and global gas markets.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director, emphasized the transaction’s strategic importance: “This landmark achievement reinforces our successful track record of global energy partnerships while unlocking capital to advance one of the world’s most ambitious offshore gas developments. The project remains on course to generate substantial value for ADNOC, our partners, and the nation while delivering important new gas resources to our customers.”
The financing structure establishes a replicable model for future large-scale greenfield energy projects, combining robust long-term cash flows from high-quality assets with strong contractual protections. This transaction continues ADNOC’s series of pioneering infrastructure partnerships, following previous successful midstream arrangements including a $4.9 billion oil pipeline partnership and a $10.1 billion gas pipeline agreement with leading global infrastructure investors.