Adnoc raises $11bn for Abu Dhabi offshore gas projects

Abu Dhabi National Oil Company (Adnoc) has secured up to AED40.4 billion ($11 billion) in structured financing for future gas production from its offshore Hail and Ghasha projects in the emirate.

The deal, signed with Italy’s Eni and Thailand’s PTTEP, includes 21 global and regional banks, the state-owned Wam news agency reported.

The lending consortium includes eight banks from the UAE, three each from China and Japan and two from Saudi Arabia. Also taking part are US lender Citibank, the Development Bank of Singapore, France’s Natixis and the UK’s Standard Chartered Bank.

The transaction aims to support energy production needed to meet rising demand among local industries and advance the UAE’s goal of gas self-sufficiency.

The offshore concession is set to produce 1.8 billion standard cubic feet per day of gas. 

“The transaction unlocks capital to drive progress at Hail and Ghasha,” said Adnoc group CEO Dr Sultan Ahmed Al Jaber.

“It is an important contributor to Adnoc’s gas strategy and is on track to generate significant value for the UAE,” he added.

The non-recourse financing allows Adnoc to realise upfront value from future gas production at competitive rates, the statement said.

Adnoc said 60 percent of the project’s investment value will flow back into the UAE’s economy under its in-country value programme.

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Last month Adnoc’s board allocated $150 billion in capital expenditure between 2026 and 2030 to maintain its oil and gas operations as the Middle East’s share of global oil production is predicted to grow in the coming years.

The company’s oil reserves increased to 120 billion stock tank barrels, up from 113 billion, while natural gas reserves rose to 297 trillion standard cubic feet from 290 trillion.

Adnoc said it has made new oil and gas discoveries totalling more than 1.2 billion barrels of oil equivalent, but did not divulge when these discoveries were made.