Abu Dhabi National Oil Company (ADNOC), together with its partners Eni S.p.A. and PTT Exploration and Production Public Company Limited (PTTEP), has secured a landmark structured financing transaction of up to AED 40.4 billion ($11 billion) to monetise future midstream gas production from the Hail and Ghasha development.
The financing, executed as part of the Ghasha concession, will support responsible energy production to meet rising domestic demand while advancing the UAE’s objective of achieving gas self-sufficiency. Located offshore Abu Dhabi, the Ghasha concession is expected to produce 1.8 billion standard cubic feet per day of gas.
More than 60% of the total project investment will be channelled back into the UAE economy through ADNOC’s In-Country Value (ICV) programme, reinforcing its commitment to maximising local economic impact.
Hail and Ghasha is set to become the world’s first gas development designed to operate with net-zero emissions. The project plans to capture up to 1.5 million tonnes of carbon dioxide annually—equivalent to removing more than 300,000 fuel-powered vehicles from the road each year—and will feature fully unmanned offshore operations.
The development will also leverage ADNOC’s advanced artificial intelligence and digital technologies through its Thamama Centre of Excellence, enhancing operational efficiency, optimising performance and enabling real-time decision-making.
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said the transaction builds on ADNOC’s strong record of global partnerships and innovative financing solutions, unlocking capital to advance one of the world’s most ambitious offshore gas projects. He noted that strong demand from more than 20 regional and international financial institutions reflects confidence in ADNOC’s value-driven strategy and ability to deliver large-scale energy developments.
The non-recourse financing structure—rare for projects of this size and complexity—allows ADNOC to unlock upfront value at competitive rates. The model ring-fences midstream assets, enabling low-cost funding while ADNOC and its partners retain strategic and operational control.
This transaction adds to ADNOC’s growing portfolio of pioneering infrastructure partnerships, including major oil and gas pipeline deals and BOOT projects aimed at decarbonising offshore operations and delivering sustainable water solutions. Collectively, these initiatives have strengthened ADNOC’s financial position, enhanced its attractiveness to global investors and positioned it as a benchmark for innovative energy financing.
