ADNCO secures joint financing of up to $11bn for gas development

Core Insights - Abu Dhabi National Oil Company (ADNOC) and Eni have signed a significant structured financing agreement with PTT Exploration and Production Public Company Limited (PTTEP) to secure financing of up to $11 billion (AED 40.40 billion) for the Hail and Ghasha gas production project [1][2] Group 1: Project Overview - Hail and Ghasha, located offshore Abu Dhabi, is part of the Ghasha Concession, expected to produce 1.80 billion standard cubic feet per day (bscfd) of gas [2] - The project is notable for being the world's first offshore gas initiative aiming for net zero emissions, with a carbon capture target of 1.50 million tonnes per year (mtpa), equivalent to removing over 300,000 cars from the road annually [2] Group 2: Financial and Strategic Implications - Sultan Ahmed Al Jaber, ADNOC's Managing Director and Group CEO, emphasized that this transaction enhances ADNOC's history of successful global energy partnerships and facilitates capital for the Hail and Ghasha project, which is among the most ambitious offshore gas projects globally [3] - The financing model aligns with ADNOC's recent midstream and infrastructure transactions, including a $4.90 billion (AED 18 billion) oil pipeline partnership and a $10.10 billion (AED 37.10 billion) gas pipeline agreement [3] - Additional significant projects include a $3.80 billion (AED 14 billion) initiative for powering and decarbonizing offshore operations and a $2.20 billion (AED 8.30 billion) project for sustainable water supply to onshore operations [4]