• Participation from over 20 leading global and regional financial institutions underscores confidence in ADNOC’s growth strategy, innovative approach to financing, and proven track record in delivering mega projects
  • Non-recourse structured financing further strengthens the project’s resilience and economics

Abu Dhabi, UAE – Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (“ADNOC”), in partnership with Eni S.p.A. (“Eni”) and PTT Exploration and Production Public Company Limited (“PTTEP”), today announced the successful signing of a landmark structured financing transaction of up to $11 billion (AED 40.4 billion), to monetize Hail and Ghasha’s midstream future gas production.

Hail and Ghasha is part of the larger Ghasha Concession, located offshore Abu Dhabi, which is expected to produce 1.8 billion standard cubic feet per day (bscfd) of gas. It is also the world’s first offshore gas project of its kind that aims to operate with net zero emissions, capturing 1.5 million tonnes per year (mtpa) of carbon dioxide (CO2), equivalent to removing over 300,000 cars off the road every year.

The non-recourse financing transaction, unique for an energy project of this scale and complexity, enables ADNOC to realize upfront value for its products at competitive rates. In addition to providing immediate access to capital, the financing structure introduces an innovative commercial model that ring-fences midstream processing facilities and operations, which enables ADNOC and its partners to raise low-cost funding while retaining strategic and operational control of the assets. This financing transaction is the latest in a series of ADNOC-led pioneering infrastructure development partnerships that have been executed over the past decade.

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “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. 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. Hail and Ghasha is an important contributor to ADNOC’s gas strategy and is on track to generate significant value for ADNOC, our partners, and the UAE, while unlocking important new gas resources for our customers.”

ADNOC’s latest financing model follows a series of landmark midstream and infrastructure transactions, including a $4.9 billion (AED18 billion) oil pipeline partnership, and a $10.1 billion (AED 37.1 billion) gas pipeline agreement, with some of the world’s leading global infrastructure and institutional investors - as well as pioneering build-own-operate-transfer (BOOT) projects such as the $3.8 billion (AED14 billion) project to power and decarbonize offshore operations and the $2.2 billion (AED8.3 billion) project to deliver sustainable water supplies to onshore operations.

The innovative financing structure for Hail and Ghasha offers a replicable model for large-scale greenfield projects. The transaction is anchored by ADNOC’s reliability as an upstream developer and long-term offtaker, as well as its efficient capital management and innovative financing track record. It also provides financiers with robust long-term cash flows from high-quality assets, supported by strong contractual and structural protections.

Notes:

  • The midstream processing phase of Hail and Ghasha comprises infrastructure for processing, handling, and delivering natural gas, condensate, and natural gas liquids. Under the financing structure, ADNOC and its partners commit to supply the outlined natural gas products through the midstream processing facilities, ensuring long term product flows that underpin the financing framework.
  • The bank consortium includes Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Agricultural Bank of China, Bank of China, Citibank, The Development Bank of Singapore, Dubai Islamic Bank, Emirates Development Bank, Emirates NBD, First Abu Dhabi Bank, Gulf Investment Bank, Industrial and Commercial Bank of China, Mashreq Bank, Mizuho Bank, MUFG Bank, Natixis, National Bank of Kuwait, Sharjah Islamic Bank, Sumitomo Mitsui Banking Corporation, Saudi National Bank and Standard Chartered Bank.
  • The project will benefit from ADNOC’s industry-leading AI and advanced technologies, integrated in its state-of-the-art Thamama Center of Excellence.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Government of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate of Abu Dhabi’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit: www.adnoc.ae

For media enquiries, please contact media@adnoc.ae

For investor relations enquiries, please contact IR@adnoc.ae