Abu Dhabi, UAE – Thursday 18 December 2025 – Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (“ADNOC”), together with partners Eni S.p.A. (“Eni”) and PTT Exploration and Production Public Company Limited (PTTEP) (“PTTEP”), today announced that it has signed a non-recourse structured financing package of up to $11 billion (AED 40.4 billion) linked to future midstream gas production from the Hail and Ghasha development.
Hail and Ghasha form part of the wider Ghasha Concession offshore Abu Dhabi, which is expected to produce 1.8 billion standard cubic feet per day of gas. ADNOC describes the development as the world’s first offshore gas project of its kind, aiming to operate with net zero emissions, targeting the capture of 1.5 million tonnes per year of CO₂, an amount it equates to removing more than 300,000 cars from the road annually.
According to ADNOC, the non-recourse structure, which it highlights as unusual for an energy project of this scale and complexity, monetizes midstream production at competitive rates and provides upfront access to capital. The commercial model keeps midstream processing facilities and operations in a dedicated structure, allowing ADNOC and its partners to raise low-cost funding while retaining strategic and operational control of the assets. The company said the transaction continues a series of infrastructure-focused partnerships it has carried out 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 stated that this latest financing model builds on earlier midstream and infrastructure transactions, including a $4.9 billion (AED 18 billion) oil pipeline partnership and a $10.1 billion (AED 37.1 billion) gas pipeline agreement with global infrastructure and institutional investors. It also follows build-own-operate-transfer projects such as the $3.8 billion (AED 14 billion) project to power and decarbonize offshore operations and the $2.2 billion (AED 8.3 billion) project to supply water to onshore operations.
The company said the Hail and Ghasha financing structure is intended as a repeatable model for large greenfield projects. ADNOC described the transaction as anchored by its role as upstream developer and long-term offtaker, and by its capital management and financing track record. It added that the model is designed to provide financiers with long-term cash flows from the midstream assets, supported by contractual and structural protections.
