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…
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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
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