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

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

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Nivetha Dayanand, Assistant Business Editor
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.
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.

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.

“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 Dayanand
Nivetha DayanandAssistant Business Editor
Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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