ADNOC offshore gas financing hits a key target with an $11 billion deal. This funding powers major projects off Abu Dhabi’s coast. The agreement moves production forward for the UAE’s energy needs.
Funding Agreement Takes Shape
Abu Dhabi National Oil Company (ADNOC) closes a big non-recourse loan worth up to $11 billion, or AED 40.4 billion. ADNOC works with Italy’s Eni S.p.A. and Thailand’s PTT Exploration and Production Public Company Limited, known as PTTEP. The deal turns future gas sales into cash now from the Hail and Ghasha midstream plants.
Banks offer low rates because ADNOC locks in a steady gas supply. The loan covers just the gas processing part, not the full fields. ADNOC keeps full control over daily operations and big decisions.
More than 20 banks from around the world join in. Local leaders like Abu Dhabi Commercial Bank and First Abu Dhabi Bank lead the group. Global names such as Citibank, Standard Chartered Bank, Emirates NBD, and Dubai Islamic Bank also sign on. China’s Agricultural Bank adds strength to the mix.
Hail and Ghasha Project Details
The Hail and Ghasha project fields sit in the Ghasha Concession area offshore Abu Dhabi. At full speed, they produce 1.8 billion cubic feet of gas each day. The setup cuts emissions to net zero by trapping 1.5 million tonnes of CO2 every year.
Plants start running by the end of the 2020s. They process gas, condensate, and liquids before sending them out. ADNOC promises long-term sales to pay back the banks on time.
ADNOC now owns 80% after buying out Russia’s Lukoil stake. This step fits the UAE’s plans to grow its own gas supply. The country cuts imports and meets rising home demand.
Why the Deal Matters Now
ADNOC Managing Director Dr. Sultan Ahmed Al Jaber calls it a top deal. He says partners trust ADNOC’s skills after past successes. Banks back the plan because of strong cash flow promises.
This setup works for new projects, too. ADNOC used it before for $10.1 billion in gas pipelines and $4.9 billion in oil ties. It frees cash early without giving up control.
The financing fits ADNOC’s $150 billion spending over five years. UAE ramps up gas next to oil to feed global markets. Secure supply keeps energy prices steady for homes and factories.
ADNOC offshore gas financing shows smart money moves in tough times. Lenders see low risk in the UAE’s stable fields. Production starts soon to boost jobs and exports. The deal locks in growth for years ahead.
