ADNOC signs record $11 billion deal for net-zero gas mega-project

ADNOC secures $11 billion financing for Hail & Ghasha gas expansion

Last updated: December 18, 2025 | 12:43

Nivetha Dayanand, Assistant Business Editor

2 MIN READ

Transaction unlocks value from Hail and Ghasha’s midstream future gas production, part of the Ghasha concession which is expected to produce 1.8 billion standard cubic feet per day.

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Dubai: Abu Dhabi National Oil Company sealed a landmark $11 billion structured financing deal Wednesday to tap future gas production from the Hail and Ghasha project, partnering with Eni and PTTEP. The non-recourse transaction, backed by over 20 global and regional banks, monetises midstream output from the Ghasha concession offshore Abu Dhabi, set to deliver 1.8 billion standard cubic feet per day.

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The world's first net-zero offshore gas development will capture 1.5 million tonnes of CO2 annually, equivalent to removing 300,000 cars from roads yearly. The deal ring-fences processing facilities, letting ADNOC retain control while raising low-cost capital at competitive rates.

Innovative model for greenfield giants

This pioneering structure, unique for energy projects of its scale, offers upfront value without upstream risk exposure. It builds on ADNOC's track record, including $4.9 billion in oil pipelines, $10.1 billion in gas lines, $3.8 billion in offshore power, and $2.2 billion in water projects via BOOT models.

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“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," said Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO. "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.”

Financiers gain stable cash flows from ADNOC's reliability as developer and offtaker, backed by ironclad contracts. The model proves replicable for large-scale greenfield ventures, blending efficiency with decarbonisation goals.

Hail and Ghasha anchors ADNOC's gas strategy, fueling UAE energy security while serving international customers. Strong lender turnout signals trust in Abu Dhabi's execution prowess amid energy transition pressures.

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation, and the big shifts shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series. Her reporting has taken her from breaking spot news to long-form features and high-profile interviews. Nivetha has interviewed Prince Khaled bin Alwaleed Al Saud, Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu, IMF’s Jihad Azour, and a long list of CEOs, regulators, and founders who are reshaping the region’s economy. An Erasmus Mundus journalism alum, Nivetha has shared classrooms and newsrooms with journalists from more than 40 countries, which probably explains her weakness for data, context, and a good follow-up question. When she is away from her keyboard (AFK), you are most likely to find her at the gym with an Eminem playlist, bingeing One Piece, or exploring games on her PS5.

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