ADNOC secures $11bn financing for Hail and Ghasha gas project

Core Insights - ADNOC, in partnership with Eni and PTTEP, has secured a structured financing agreement of up to Dh40.4bn ($11bn) for the Hail and Ghasha gas development project, aimed at monetizing future midstream gas production [1] - The Ghasha concession is projected to deliver 1.8 billion standard cubic feet per day (bscf/d) of gas, contributing significantly to ADNOC's gas strategy [1][4] Financing Structure - The financing arrangement is described as non-recourse and involves participation from over 20 international and regional financial institutions, allowing ADNOC and its partners to access capital at competitive rates while retaining operational oversight [2] - The financing is "ring-fenced" around processing facilities, enabling the raising of low-cost funding [2] Strategic Importance - The transaction is seen as a landmark achievement that builds on ADNOC's successful track record in global energy partnerships, unlocking capital for the ambitious Hail and Ghasha project [3] - The project is expected to generate significant value for ADNOC, its partners, and the UAE, while also unlocking new gas resources for customers [4] Historical Context - ADNOC has previously engaged in major midstream and infrastructure deals, including a $4.9bn oil pipeline partnership and a $10.1bn gas pipeline agreement, along with various BOOT projects [5] - The Hail and Ghasha project aims to operate with net-zero emissions and capture 1.5 million tonnes of CO₂ annually [5] Future Plans - ADNOC plans to leverage advanced AI and technologies from its Thamama Centre of Excellence for the project [5] - The company has outlined a $150bn investment plan for the period between 2026 and 2030 to sustain current operations and expand growth [6]