Abu Dhabi, UAE – December 18, 2025 – Abu Dhabi National Oil Company (ADNOC) announced today the successful completion of a landmark $11 billion structured financing for the Hail and Ghasha offshore gas field development project, in collaboration with its joint venture partners Eni S.p.A. and PTT Exploration and Production Public Company Limited (PTTEP). The financing, supported by over 20 global and regional financial institutions, represents one of the largest energy project financings in the Middle East this year, underscoring strong market confidence in the strategic significance and long-term viability of the Hail and Ghasha development.
The Hail and Ghasha project, located in the offshore waters of Abu Dhabi, is a flagship development focused on unlocking the emirate’s substantial offshore gas reserves. Set to commence production by 2030, the project is designed to deliver a peak production capacity of 1.8 billion standard cubic feet of natural gas per day (scf/d), a volume that will significantly boost UAE’s domestic gas supply and enhance the country’s energy security. Notably, the project is engineered to operate as a net-zero emissions development, incorporating state-of-the-art carbon capture and storage (CCS) technology that will capture up to 1.5 million tons of carbon dioxide annually, aligning with ADNOC’s commitment to advancing low-carbon energy solutions and the UAE’s broader sustainability goals.
The $11 billion financing package is structured as a non-recourse project finance facility, a strategic choice that minimizes risk for ADNOC and its partners while leveraging the project’s inherent cash flow potential. The facility comprises a mix of senior secured loans, export credit agency (ECA) facilities, and sustainability-linked instruments, reflecting a diversified funding strategy tailored to the project’s long-term timeline and sustainability objectives. ADNOC led the financing process, working closely with a syndicate of leading financial institutions including HSBC, Standard Chartered, First Abu Dhabi Bank, Mizuho Bank, and Société Générale, among others. The participation of both regional and international lenders highlights the global appeal of the project and the strength of ADNOC’s reputation as a reliable partner in large-scale energy developments.
“The successful closing of this $11 billion financing marks a critical milestone for the Hail and Ghasha project, demonstrating the strong collaboration between ADNOC, our joint venture partners, and the global financial community,” said Sultan Al Jaber, Group CEO of ADNOC. “Hail and Ghasha is not only a key driver of our gas expansion strategy but also a testament to our commitment to developing energy resources in a sustainable manner. By integrating net-zero emissions technology and innovative financing solutions, we are setting a new benchmark for responsible energy development in the region and beyond.”
Eni and PTTEP, which hold minority stakes in the Hail and Ghasha joint venture alongside ADNOC, welcomed the completion of the financing. “This landmark financing is a significant step forward for the Hail and Ghasha project, enabling us to accelerate the development of this vital gas resource,” said Claudio Descalzi, CEO of Eni. “Eni is proud to collaborate with ADNOC and PTTEP on a project that combines energy security with sustainability, aligning with our strategic focus on low-carbon gas and renewable energy integration.”
The Hail and Ghasha fields are part of ADNOC’s broader strategy to expand its natural gas production capacity, addressing the growing demand for clean energy in the UAE and the wider region. Natural gas is a key transition fuel, playing a critical role in reducing carbon emissions by replacing more carbon-intensive fuels in power generation, industry, and transportation. The project’s net-zero emissions design further enhances its strategic value, positioning it as a model for future energy developments in the Middle East and globally.
In addition to its sustainability credentials, the Hail and Ghasha project is expected to drive significant economic benefits, creating thousands of direct and indirect jobs during the construction and operational phases. It will also support the development of local supply chains and foster knowledge transfer, contributing to the UAE’s economic diversification goals under the Abu Dhabi Economic Vision 2030.
Industry analysts noted that the successful financing of the Hail and Ghasha project comes at a time of increasing global focus on secure and sustainable energy supplies. “ADNOC’s ability to secure $11 billion in financing for this net-zero gas project reflects the growing investor interest in low-carbon energy assets,” said Sarah Johnson, Senior Energy Analyst at BloombergNEF. “The Hail and Ghasha development is set to play a pivotal role in the Middle East’s energy transition, demonstrating that conventional energy resources can be developed in a way that supports climate goals.”
