ADNOC Lines Up $11B for Offshore Hail and Ghasha Gas Project

(Credit: ADNOC)

Abu Dhabi National Oil Company (ADNOC) has secured up to $11 billion in structured, non-recourse financing to support development of its Hail and Ghasha offshore gas project, a key part of the UAE’s strategy to expand domestic gas supply and exports.

The financing, arranged with participation from more than 20 global and regional lenders, monetizes future midstream gas production from the Hail and Ghasha fields, which form part of the wider Ghasha concession offshore Abu Dhabi. 

The concession is expected to produce around 1.8 billion standard cubic feet of gas per day once fully on stream.

The project is being developed by ADNOC alongside partners Eni and PTT Exploration and Production (PTTEP).

The financing structure ring-fences midstream processing infrastructure and allows ADNOC to raise funding at competitive rates while retaining operational control of the assets. Proceeds will be used to advance development of gas processing facilities handling natural gas, condensate and natural gas liquids.

“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.

Hail and Ghasha is designed to be one of the world’s lowest-carbon offshore gas developments, with plans to capture around 1.5 million tonnes per year of carbon dioxide. The project is central to ADNOC’s push to increase gas production to meet domestic demand and supply international markets.

“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,” said Sultan Ahmed Al Jaber, ADNOC’s managing director and group chief executive.

The bank group includes major Middle Eastern, Asian and international lenders, reflecting strong appetite for long-term exposure to UAE gas infrastructure backed by committed offtake agreements.

The deal follows earlier ADNOC-led midstream transactions, including multibillion-dollar oil and gas pipeline financings, and underscores the company’s growing use of structured funding models to advance large-scale gas developments while preserving balance-sheet flexibility.