ADNOC secures $11bn financing for Hail and Ghasha gas project

ADNOC, on with its partners Eni and PTT Exploration and Production (PTTEP), has signed a structured financing statement of up to Dh40.4bn ($11bn) for the Hail and Ghasha state improvement project.

This financing volition beryllium utilized to monetise aboriginal midstream state accumulation from the Hail and Ghasha project, portion of the broader Ghasha concession, offshore Abu Dhabi, United Arab Emirates (UAE).

The Ghasha concession is forecast to present 1.8 cardinal modular cubic feet per time (bscf/d) of gas.

Described arsenic a non-recourse financing arrangement, the transaction has seen information from much than 20 planetary and determination fiscal institutions.

This operation is said to alteration ADNOC and its partners to entree superior astatine competitory rates portion maintaining operational and strategical oversight of the midstream assets.

The financing is “ring-fenced” astir the processing facilities and operations, enabling the raising of low-cost funding, stated ADNOC.

UAE Minister of Industry and Advanced Technology and ADNOC managing manager and radical CEO Sultan Ahmed Al Jaber said: “This landmark transaction builds connected ADNOC’s palmy way grounds of planetary vigor partnerships and unlocks superior to thrust advancement astatine Hail and Ghasha, 1 of the world’s astir ambitious offshore state projects.

“The exceptional request from implicit 20 starring planetary and determination fiscal institutions reinforces assurance successful ADNOC’s worth instauration strategy, innovative attack to financing and expertise successful delivering megaprojects.

“Hail and Ghasha is an important contributor to ADNOC’s state strategy and is connected way to make important worth for ADNOC, our partners and the UAE, portion unlocking important caller state resources for our customers.”

ADNOC said that the financing follows respective large midstream and infrastructure deals led by the institution implicit the past decade.

These see a $4.9bn lipid pipeline concern and a $10.1bn state pipeline agreement, on with build-own-operate-transfer projects (BOOT).

The BOOT projects see a $3.8bn offshore powerfulness and decarbonisation inaugural and a $2.2bn h2o proviso task for onshore operations.

ADNOC said that the Hail and Ghasha task aims to run with net-zero emissions and seizure 1.5 cardinal tonnes of CO₂ annually.

The task volition besides leverage the company’s precocious AI and technologies from its Thamama Centre of Excellence.

Last month, ADNOC outlined a $150bn concern program betwixt 2026 and 2030, aiming to prolong existent operations and grow growth.

"ADNOC secures $11bn financing for Hail and Ghasha state task " was primitively created and published by Offshore Technology, a GlobalData owned brand.